Last updated: October 29. 2013 7:38AM - 208 Views
Associated Press

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(AP) U.K. oil company BP has announced that third-quarter net profit dropped 34 percent, but says it will increase its quarterly dividend and divest another $10 billion in assets.

BP said Wednesday that net profit fell to $3.5 billion in the quarter ended Sept. 30 from $5.28 billion in the same period a year earlier, blaming weaker refining margins.

But the company announced plans to increase its quarterly dividend by 5.6 percent, to 9.5 cents a share, payable in December.

Chief Executive Bob Dudley also said the company plans to sell off $10 billion in assets before the end of 2015, with the proceeds set to go to shareholders.

Total production for the third quarter was 3.17 million barrels of oil equivalents a day.

Associated Press
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