Feb 4, 2020
BP boosts dividend despite slide in profits
BP raised its dividend despite the UK energy major reporting a 26 per cent drop in fourth-quarter earnings as higher production failed to offset lower oil and gas prices. Earnings exceeded analysts's estimates of $2.08bn. Brian Gilvary, BP's outgoing chief financial officer, said the company had "Confidence in delivery of 2021 free cash flow targets", prompting the company to announce a higher dividend of 10.50 cents per ordinary share. The company received a further $600m from the sale of a 49 per cent stake in a retail property portfolio in Australia. Gearing - which BP defines as net debt divided by the sum of net debt plus equity - fell to 31 per cent in the fourth quarter, from 32 per cent in the prior three months. BP said gearing will move towards the middle of the 20 to 30 per cent range in 2020, from above 30 per cent 2019.
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