February 4, 2020 / 7:12 AM / 14 days ago

BP boosts dividend as profits slump on weak oil, gas prices

LONDON, Feb 4 (Reuters) - BP on Tuesday boosted its dividend payout after a 26% drop in fourth-quarter profit on lower oil and gas prices which still beat forecasts.

On Chief Executive’s Bob Dudley last day in office, London-based BP increased its dividend by 2.4% to 10.5 cents per share.

It reported $2.57 billion in fourth-quarter underlying replacement cost profit, its definition of net income, exceeding forecasts of $2.1 billion in a company-provided survey of analysts.

That was down from $3.5 billion a year earlier but up from $2.3 billion in the third quarter. (Reporting by Ron Bousso; editing by Jason Neely)

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