BP to hand investors $7bn this year as it expands oil operations
by Jillian Ambrose from Environment | The Guardian on (#6PKAB)
Oil and gas company to increase dividend and buy-backs as quarterly profit beats forecasts
BP's shareholders can expect a multibillion-dollar payout this year after the oil giant reported better than expected quarterly profits of almost $2.8bn (2.2bn) and set out plans to develop a new oil hub in the Gulf of Mexico.
The oil company has angered green groups by giving the go-ahead to develop potential oil resources of 10bn barrels from the new Kaskida project 250 miles south-west of New Orleans, after scaling back its green investments in the last quarter.
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