BP Raises It Dividend

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By Douglas A. McIntyre Published
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BP raised its dividend, which it said was proof of its financial health after earnings hits and asset sales due to the Deepwater Horizon disaster. BP still face billions of dollars of lawsuits over the matter which will take years to settle.

The company announced that

With operating cash flow generated by BP in 2011 reaching some $22bn – over 60 per cent higher than in 2010 – (CEO) Dudley confirmed the company’s expectation that net cash flow in 2014, in a $100 oil price environment, would be around 50 per cent higher than in 2011. Half of the additional cash is expected to be used for re-investment and half for other purposes including increased shareholder distributions.

BP today announced a 14 per cent increase in its quarterly dividend – to 8 cents per share for the fourth quarter of 2011 – the first rise since the company resumed paying a dividend a year ago. BP’s underlying replacement cost profit for the quarter rose by 14 per cent on the same period in the previous year.

 

 

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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