Gulf News reported that BP has raised its quarterly dividend by 14% after posting double digit gains in profit and revenue in the last three months of 2011 despite further big payments to compensate for a disastrous oil spill in the Gulf of Mexico.

BP said that it should complete payments to the Gulf of Mexico Trust Fund this year to cover its liability for damage from the massive blowout of the Macondo well in April 2010.

For 3 months ending December 31, BP reported a profit of USD 7.69 billion up 38% from USD 5.57 billion posted a year earlier. Revenue was up 15% at USD 96.3 billion. Replacement cost profit, a closely watched industry measure was 65% higher at USD 7.6 billion.

Mr Bob Dudley CEO of BP said that "2012 will be a year of increasing investment and milestones as we build on the foundations laid last year. As we move through 2013 and 2014 we expect financial momentum will build as we complete payments into the Gulf of Mexico Trust Fund."

(Sourced from Gulf News)