BP Reports First Quarter Results; Increases Dividend to ( $0.585 Cents Per ADR )
Release date: 29 April 2014
BP Reports First Quarter Results; Increases Dividend
From BP`s Website....................
BP’s first-quarter replacement cost (RC) profit was $3,475 million, compared with $16,596 million a year ago. First quarter 2013 included a $12.5-billion gain relating to the disposal of our interest in TNK-BP. After adjusting for a net gain for non-operating items of $224 million and net favourable fair value accounting effects of $26 million (both on a post-tax basis), underlying RC profit for the first quarter 2014 was $3,225 million, compared with $4,215 million a year ago. RC profit or loss for the group, underlying RC profit or loss and fair value accounting effects are non-GAAP measures and further information is provided on pages 3, 21 and 27.
Including the impact of the Gulf of Mexico oil spill, net cash provided by operating activities for the first quarter was $8.2 billion, compared with $4.0 billion in the same period of 2013. Excluding amounts related to the Gulf of Mexico oil spill, net cash provided by operating activities for the first quarter was $8.8 billion, compared with $4.3 billion in the same period of 2013. First quarter 2013 net cash provided by operating activities was impacted by a significant increase in working capital which did not occur in 2014.
Net debt at 31 March 2014 was $25.3 billion, compared with $25.2 billion at 31 December 2013. The ratio of net debt to net debt plus equity at 31 March 2014 was 16.2%, the same level as at 31 December 2013.
BP today announced a quarterly dividend of 9.75 cents per ordinary share ($0.585 per ADS), which is expected to be paid on 20 June 2014. The corresponding amount in sterling will be announced on 9 June 2014.
Great Quarter in my opinion! My personal Congrats to BOD on the Dividend Increase!!
hey fellas. you bet, very nice way to start the morning. BP is one of my oldest stock holdings and I have bought it 5 times since the spill and trimmed it once. It still rides at 6.2% my stock portfolio so the uptick was a nice shot in the arm. I do 3 daily checks on stock prices and BP is the first on my spreadsheet. altho i don't intend to increase my BP position, i rate it as a buy in general. was great news on dividend hike and even better on capital gains.
during the course of running my numbers, saw that EXC announced its acquisition of POM. I don't hold EXC anymore but had 2.1% of stock holdings in POM. POM shot up over 17% on the news. THAT was an even better wake up call than BP was yesterday.