BP PLC (NYSE ADR: BP) Reinstates Dividend Following a 30% Increase in Profit

After posting a 30% rise in fourth-quarter net profit, BP PLC (NYSE ADR: BP ) yesterday (Tuesday) announced the long-awaited resumption of its quarterly dividend. The U.K.-based oil giant said it would pay a dividend of seven cents a share for the fourth quarter of 2010. BP suspended its payout - which had been twice as large - last year to help cover the cost of the Deepwater Horizon oil spill. The company said it will overcome short-term setbacks by selling half its U.S. refining capacity - the Texas City, TX and Carson, CA plants - and focusing on faster-growing petroleum markets in emerging economies.