BP profit falls 34% on lower refining margins

marketwatch.com - October 29th, 2013 - Justin Schenk

 BP PLC Tuesday reported a 33.6% decline in third-quarter net profit from a year earlier, largely on lower refining margins, but also announced a series of measures aimed at pleasing investors.

The British oil giant set a dividend boost and announced a plan to sell $10 billion in assets by the end of 2015, saying it would use the proceeds for “additional distributions to shareholders,” including share buybacks.

BP said net profit was $3.5 billion, or $1.01 per American depositary share, for the quarter ended Sept. 30.

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