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BP Q1 profit slightly ahead of forecasts, raises dividend

Reuters

LONDON (Reuters) - British oil firm BP (BP.L) posted quarterly profit slightly above forecasts and upped its dividend for the second time in six months, in line with a pledge made earlier this year to focus on returning more cash to shareholders.

The company on Tuesday posted underlying replacement cost profit of $3.2 billion (1.9 billion pounds), down from $4.2 billion in the same period a year ago, but slightly ahead of a consensus forecast of $3.1 billion.

BP also said it would raise its quarterly dividend to 9.75 cents per share, 8.3 percent higher than a year earlier.

(Reporting by Sarah Young; editing by Kate Holton)