BP shares rise on better than expected results

BP (LON:BP.) shares rose by 4.8% to 545p (as at 10:53 GMT) on the back of better than expected full-year results.

For the 12-months ended December 2018, underlying replacement cost profit – which is the net income performance measure tracked by most analysts – more than doubled to $12.7 billion, boosted by a higher oil price and increased production.

The fourth-quarter dividend was increased to 10.25 cents, taking the total dividend for the year to 40.50 cents, up from 40.00 cents.

The UK oil major commented that it brought online more new higher-margin products and ran its refineries more effectively, achieving record capacity for refining crude oil. Oil and gas production averaged 3.7 million barrels of oil equivalent a day in 2018, it added.