BP Reinstates Dividend, Will Sell Half U.S. Refining Capacity

BP Plc reinstated the dividend and will sell half of its U.S. refining capacity as Europe’s second-biggest oil company recovers from the Gulf of Mexico spill.

BP set the payout at 7 cents a share for the last three months of 2010, half the level before the spill, after canceling the dividend for the first three quarters. It plans to dispose of its Texas City, Texas, and Carson, California, refineries.