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First Posted: 10/29/2013 (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.
<a title="Associated Press" href="http://www.ap.org" class="url org fn">Associated Press</a>

BP profit drops in Q3 but dividend raised