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| BP's full-year profits more than halve | |
| (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. | 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. | 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. | 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. | 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. | 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". | It said the fall in profits was mainly due to the "impact of steeply lower oil and gas prices in its upstream operations". |
| BP was the biggest faller on the FTSE 100 index in early trading, tumbling 6%. | |
| Progress hailed | |
| Bob Dudley, BP's group chief executive, said the company was making good progress in managing and lowering costs and capital spending. | 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. | "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. | Its dividends will remain unchanged at 10 cents per ordinary share for the quarter. |
| Oil prices have fallen more than 70% since mid-2014, hit by the slowing global economy, the strong US dollar and oversupply. | |
| BP's results are the latest in a round of weak fourth-quarterly earnings in the sector. | |
| Last week, Chevron announced its first quarterly loss in more than 13 years. | |
| Shell, which reports its fourth-quarter and full-year results on Thursday, has warned in a trading statement that its underlying profits could be halved. |