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| BP's full-year profits more than halved | |
| (35 minutes later) | |
| BP has announced its annual underlying profits have fallen by 51% to $5.9bn (£4.1bn), compared with $12.1bn in 2014. | |
| Underlying fourth-quarter profits fell to $196m (£136m), compared with $2.2bn for the same period the previous year. | |
| BP said its upstream business, which is exploration and production, slumped to a $728m loss in the final quarter. | |
| It has confirmed up to 7,000 job cuts - 4,000 in its upstream business in 2016 and 3,000 in its downstream by 2017. | |
| Downstream refers to its refined oil products, such as fuel, lubricants and petrochemicals, for making products such as paint and plastic bottles. | |
| It said the fall in profits was mainly due to the "impact of steeply lower oil and gas prices in its upstream operations". | |
| Bob Dudley, BP's group chief executive, said the company was making good progress in managing and lowering costs and capital spending. | |
| "We are continuing to move rapidly to adapt and rebalance BP for the changing environment," he added. | |
| Its dividends will remain unchanged at 10 cents per ordinary share for the quarter. |