BP Announces Earnings

BP (BP) announced on Tuesday that it earned a profit of $7.69 billion, 38 percent higher than the $5.57 billion profit in the same period last year. Revenue increased by 15 percent to $96.3 billion. The company also said that payments to the Gulf of Mexico Trust Fund should be completed this year. Replacement cost profit was 65 percent higher at $7.6 billion. The company expects a full year profit of $39.8 billion versus a loss of $3.7 billion in 2010. In addtion, the company raised its quarterly dividend by 14 percent to 8 cents per share, the first increase since the company stopped paying a dividend following the oil spill in the Gulf of Mexico.

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