This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-27201340

The article has changed 3 times. There is an RSS feed of changes available.

Version 1 Version 2
Oil giant BP reports $3.2bn profits Oil giant BP reports $3.2bn profits
(about 4 hours later)
Oil giant BP has reported profits of $3.22bn (£1.92bn) for the first quarter of 2014. Oil giant BP has reported a 23% drop in profits to $3.22bn (£1.92bn) for the first quarter of 2014.
The figure is a fall of 23% on the $4.22bn for the same period in 2013, but that quarter included a $12.5bn gain from BP's sale of its stake in Russian venture TNK-BP. The underlying replacement cost profit figure, which strips out the effect of oil price movements, compared to profits of $4.22bn recorded in the same period in 2013.
BP's latest profit figure, which strips out the effect of oil price movements, was ahead of forecasts. But the latest figure was still ahead of analyst forecasts.
The company also said it would increase its dividend by 8%. BP also said it would increase its dividend by 8% to 9.75 cents a share - the second increase in six months.
It said it would pay 9.75 cents a share - the second dividend increase in six months. BP said its first quarter results had been affected by lower production and write-offs in its exploration activity, including $521m from a decision not to proceed with a shale project in Utica, in the U.S.
BP said its first quarter results had been affected by write-offs in its exploration activity, as well as lower production, which it said would edge lower in the second quarter. The company said it expects production to edge even lower in the second quarter.
Compensation and legal costs relating to the 2010 oil spill in the Gulf of Mexico had not risen in the quarter and remained at $42.7bn, BP added.
Russia sanctionsRussia sanctions
On Monday the firm said it would not sever its ties with Russian firm Rosneft, in which it owns a 20% stake, despite Rosneft's chief executive being the target of another round of US sanctions. BP's profits, compared to the previous quarter, were also hit by a falling contribution from its 20% stake in Russia's Rosneft.
On Monday BP said it would not sever its ties with the Russian energy firm, despite Rosneft's chief executive being the target of another round of US sanctions.
Igor Sechin is on a list of individuals thought to be in Vladimir Putin's "inner circle", whose assets will be blocked in the US, following Russia's intervention in Crimea and Ukraine.Igor Sechin is on a list of individuals thought to be in Vladimir Putin's "inner circle", whose assets will be blocked in the US, following Russia's intervention in Crimea and Ukraine.
But BP said it would continue to work with the company, despite the sanctions, which prevent US companies from engaging with those named.But BP said it would continue to work with the company, despite the sanctions, which prevent US companies from engaging with those named.
Mr Sechin has said sanctions imposed on him will not affect Rosneft.Mr Sechin has said sanctions imposed on him will not affect Rosneft.