UPDATE: BP Posts Drop In Q1 Profit, Lifts Dividend

BP plc BP posted a drop in its first-quarter profit and raised its dividend. BP's quarterly underlying replacement cost profit fell to $3.2 billion, versus a year-ago profit of $4.2 billion. However, analysts were expecting a profit of $3.1 billion. Its revenue declined to $91.71 billion versus $94.11 billion, while net profit tumbled to $3.53 billion versus $16.86 billion. BP's production declined 8.5% to 2.13 million barrels of oil per day. BP also announced its plans to increase its quarterly dividend by 8.3% to 9.75 cents per share.