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| BP posts first quarter profit slump | BP posts first quarter profit slump |
| (about 2 hours later) | |
| BP has posted a 23% fall in profits as the oil giant battled unfavourable comparisons last year after a major asset sell off. | |
| BP beat analysts’ forecasts in the first quarter to record profits of $3.22 billion (£1.92bn) for the first three months of the year, down from $4.22bn for the same period in 2013. | BP beat analysts’ forecasts in the first quarter to record profits of $3.22 billion (£1.92bn) for the first three months of the year, down from $4.22bn for the same period in 2013. |
| The first quarter last year included a $12.5bn gain from the oil giant’s sale of its stake in Russian venture TNK-BP. | The first quarter last year included a $12.5bn gain from the oil giant’s sale of its stake in Russian venture TNK-BP. |
| BP also said it would increase its dividend. | BP also said it would increase its dividend. |
| BP’s shares fell 1.4% yesterday following the US government’s decision to impose sanctions against the head of Russia’s state-owned energy producer Rosneft. | BP’s shares fell 1.4% yesterday following the US government’s decision to impose sanctions against the head of Russia’s state-owned energy producer Rosneft. |
| BP holds a major stake in Rosneft, which is among 17 companies linked to Russian President Vladimir Putin in its latest action to punish Moscow for its intervention in Ukraine. | BP holds a major stake in Rosneft, which is among 17 companies linked to Russian President Vladimir Putin in its latest action to punish Moscow for its intervention in Ukraine. |