A “superlative” performance from BP had the City purring on Tuesday, with pension managers reassured that cash — in the form of dividends — will keep gushing into funds. A dip in the oil price last year took the shine off shares in the sector, but all the oil majors — Shell, Exxon Mobil and Chevron — have recently produced strong earnings thanks, in part, to the explosion of the US shale industry. BP said profit in 2018 doubled to $12.7 billion (£9.7 billion) which means its hefty dividend — shares yield more than 6% — looks solid. BP pays billions into pension funds each year. Fourth-quarter divi is 10.25 cents a share and shares rose 4% to 541p. The pace of its buyback scheme has slowed lately because it was pushing through the $10.5 billion takeover of BHP’s shale assets. Some thought the falling oil price might force BP chief executive Bob Dudley to pull out of this deal, but he held firm. Today he said: “We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline.” Richard Hunter at interactive investor, said: “These numbers from BP are superlative.” City analysts have argued… Read full this story
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