BP surpasses expectations with dividend rise

BP’s recovery in the wake of the Gulf of Mexico oil spill disaster gathered pace yesterday as it surprised investors with a bigger-than-expected hike to its dividend.

After rising nearly 60% since the Apr 2010 Deepwater Horizon explosion, BP shares added another 5% yesterday as it lifted its quarterly shareholder payout by 12.5% to $0.09 a share.

BP suspended its dividend in the aftermath of the oil spill, restoring it in Feb 2011 and increasing it for the first time in February of this year.