BP boosted by annual results

Shares in FTSE 100 oil giant BP (LON:BP.) rallied 3.31% to 467.70p (as of 14:45 GMT) as the company upgraded its dividend by 2.4% after completing its share buyback programme in January. Production during the year ended grew by 2.7%, but headline profits were down.

Group CEO Bob Dudley commented: “BP is performing well, with safe and reliable operations, continued strategic progress and strong cash delivery. This all supports our commitment to growing distributions to shareholders over the long term and the dividend rise we announced today. After almost ten years, this is now my last quarter as CEO. In that time, we have achieved a huge amount together and I am proud to be handing over a safer and stronger BP to Bernard and his team. I am confident that under their leadership, BP will continue to successfully navigate the rapidly-changing energy landscape“.