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(Arabian Oil and Gas) -- BP
today reported underlying replacement cost profit of USD 5.6 billion for the
second quarter of 2011, an increase of 13% on the result for the same period
last year. The headline figure is slightly under analysts' expectations, who in
a Bloomberg survey gave an average profit expectation of USD 5.9 billion.
In a company statement, BP said the underlying profit primarily reflected
higher oil and gas prices and refining margins, partially offset by lower
production and higher costs. Rival supermajors - particularly Shell - are
expected to outperform BP this year.
The quarterly dividend expected to be paid on 20 September 2011 is 7
cents per share (USD 0.42 per ADS). The company's share price has shown only
modest rises recently, despite Brent prices kissing USD 120 a barrel.
In the same period last year BP posted a USD 17 billion loss, following
the Macondo disaster and ensuing oil spill in the Gulf of Mexico.
mrcplast.com
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