"BP Returns to Profitability and Raises Dividend"

"LONDON — BP returned to profitability with a better-than-expected third-quarter profit, prompting the oil giant to raise its dividend."

"'Overall this is a much better result than the poor second quarter,' said Stuart Joyner, an analyst at Investec in London.

The company posted earnings of $5.4 billion for the three months ending on Sept. 30. That compared with a loss of $1.4 billion loss in the previous quarter, when the company took writedowns on the value of its U.S. refineries and other assets. It was also a slight improvement on the $5 billion BP earned in last year’s third quarter.  "

Stanley Reed reports for the New York Times October 30, 2012.

Tuesday, October 30, 2012