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BPâ€™s net profit makes $25.7 bn in 2011

07 February 2012 11:27 (UTC +04:00)

Baku - APA-Economics. BP declared itself "back on the right path" on Tuesday following the difficulties of the Gulf of Mexico oil spill with annual profits bouncing back from a $3.7bn (Â£2.3bn) loss to a $25.7bn profit.

A 14% increase in the dividend to eight cents per share for the final three months of 2011 was a clear signal of management confidence although net debt still lies at almost $30bn.

"BP is on the right path," said Bob Dudley, the chief executive who took over from Tony Hayward following the Deepwater Horizon accident. BP said it had won "unparalleled" access to new exploration prospects in 2011 and is now ramping up spending for the new financial year â€“ from $19bn to $22bn.