BP share price: First-quarter profit drops 23% year-on-year

Otmane El Rhazi, Tuesday, April 29: BP Plc (LON:BP) saw first-quarter profit drop year-on-year, reflecting divestments, higher non-cash costs, as well as a weaker refining environment. BP however increased its dividend by 8.3 percent and reported progress on its share buyback programme.

BP’s share price dropped 1.04 percent in London yesterday to close at 488.35p, following a US government decision to impose sanctions against Igor Sechin, the head of Russia’s state-owned energy producer Rosneft (MCX:ROSN), in which BP owns just under 20 percent.

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