LONDON (AP) — BP has announced it is resuming dividends as the oil company reported a gain in fourth-quarter profits which fell short of reversing a full-year loss.
BP, which announced a dividend of 7 cents per share, had suspended payments following the Macondo well blowout in the Gulf of Mexico in April.
The company on Tuesday reported a profit of $5.6 billion, up from $4.3 billion a year earlier. However, for the full year BP booked a loss of $3.7 billion compared with a profit of $16.6 billion in 2009.
Replacement cost profit — a closely watched industry measure which reflects inventory gains and losses — was $4.6 billion for the quarter, compared to $3.4 billion a year earlier.
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