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BP earnings fall, stock surges

The U.K. oil giant said its 3rd-quarter net profit fell 34%, due to a decline in refining margins. Total Q3 production was 3.17 mil barrels of oil equivalents per day. BP (BP) also announced plans to raise its quarterly dividend by 5.6% to 9.5 cents a share, payable in Dec. It aims to sell off $10 bil in assets by the end of '15, with proceeds going to shareholders. BP shares rose 5% to 45.90.