BP Q1 profit slightly ahead of forecasts, raises dividend

LONDON: British oil firm BP posted quarterly profit slightly above forecasts and upped its dividend for the second time in six months, in line with a pledge made earlier this year to focus on returning more cash to shareholders.

The company on Tuesday posted underlying replacement cost profit of $3.2 billion, down from $4.2 billion in the same period a year ago, but slightly ahead of a consensus forecast of $3.1 billion.

BP also said it would raise its quarterly dividend to 9.75 cents per share, 8.3 percent higher than a year earlier.