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BP boosts dividend despite profit fall as CEO Dudley bows out

BP raised its dividend and said it had completed a $1.5 billion share buyback programme in a sign of confidence in its growing oil and gas business on the last day in office for Chief Executive Bob Dudley. BP shares jumped 3.5% in early Tuesday trading. As Bernard Looney prepares to take the helm, BP struck a positive tone even as oil prices slumped to a near year-low on concerns over China’s coronovirus, bucking a trend among peers that reported a sharp slowdown in revenues last week. …read more […]

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BP Bucks Oil Industry Gloom

(Bloomberg) — Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.BP Plc’s fourth-quarter profit beat analyst estimates and the company increased its dividend slightly, bucking the trend in what has otherwise been a bleak quarter for Big Oil.In the final set of results for retiring Chief Executive Officer Bob Dudley, the London-based company offered some respite for investors who received nothing but bad news from BP’s peers. Last week Royal Dutch Shell Plc slowed the pace of its share buybacks due to weak macroeconomic conditions, while Exxon Mobil Corp. and Chevron Corp. …read more […]