The British petrol company BP plc (ADR)(NYSE:BP) has released better than expected quarterly results and also increased its dividend. Additionally, it has hinted at a greater upstream focus after 2014.
In the third quarter, the underlying replacement cost profit fell to $5.2 billion from $5.5 billion a year ago. Strong refining margins and higher availability of refining capacity offset the losses caused by falling business, lower production and prices.
Analysts had expected a profit of $4.1 billion; in the second quarter, the company had posted a profit of $3.7 billion.
The company has hiked its dividend payout by 9 cents a share.
Meanwhile, the company is trying to settle claims of the 2010 oil spill. It has already closed some of its businesses to raise the required amount of compensation.
The company is also in the process of restructuring its business in Russia.
The shares of British Petroleum rose 3.7 percent to 440.8 pence in the morning.
Keeping in mind the upcoming holiday season, Google Inc (NASDAQ:GOOG) seems to be on a gadget release spree. On Monday, it announced a new Nexus 4 smartphone which will be manufactured by LG Electronics. It will have a 4.7 inch screen and will be priced at $199.
The phone will contain a minor update to the Android operating system. More changes are expected in the OS in the coming year, and the makeover will be known as Key Lime Pie.
The larger version of the Nexus tablet will be manufactured by Samsung Electronics. The screen will be similar in size to the iPad and will have a 10 inch diagonal display. The Nexus 10, with 16 GB, will be priced at $399, $100 less than the iPad. The Nexus 10 will be available in Google’s online store from November 13.
Google is cutting the price of its 16GB Nexus 7 by $50 to $199. Also, Google will launch a 32 GB Nexus 7, priced at $249, to discourage customers from opting for the iPad Mini.