Toronto, Canada (PressExposure) February 23, 2012 -- Platinum Account Group takes note as they experience a 14% shareholder dividend increase following sharply higher profits for the oil company BP, previously known as British Petroleum. This is the first increase since the huge oil spill in the Gulf of Mexico during 2010.
Replacement cost profit, which is profit stripping out the effect of oil and other price movements, for the three months to the end of December 2011 was $7.6 billion (Â£4.8b billion). This compares with $4.6b billion for the same period in 2010. For all of 2011 BP's profit was $23.9 billion compared with a $4.9 billion loss in 2010.
Platinum Account Group thinks BP is a big player to keep an eye on. TNK-BP, owned by BP, is the third largest oil company in Russia and they are accelerating development of five giant oil fields above the Arctic Circle in the Yamal-Nenets Autonomous Region. The five fields are expected to account for as much as 20% of TNK-BP's oil production by 2021.
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