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BP's full-year profits more than halve 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 announced another 3,000 job cuts on top of the 4,000 already confirmed.
Downstream refers to its refined oil products, such as fuel, lubricants and petrochemicals, for making products such as paint and plastic bottles. The reduction of up to 3,000 by the end of 2017 concerns staff and contractors in its downstream segment.
It said the fall in profits was mainly due to the "impact of steeply lower oil and gas prices in its upstream operations". This refers to its refined oil products, such as fuel, lubricants and petrochemicals, for making products such as paint and plastic bottles.
BP was the biggest faller on the FTSE 100 index in early trading, tumbling 6%. The 4,000 upstream cuts were announced last year in oil and gas production as part of a $2.5bn restructuring programme.
BP said the fall in profits was mainly due to the "impact of steeply lower oil and gas prices in its upstream operations".
The oil giant was the biggest faller on the FTSE 100 index in early trading, tumbling 6%.
Progress hailedProgress 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 dividend will remain unchanged at 10 cents per ordinary share for the quarter.
Analysis: Kamal Ahmed, economics editorAnalysis: Kamal Ahmed, economics editor
In the final three months of 2014, the cost of a barrel of Brent crude was $77. In the final three months of 2015, it was $44.In the final three months of 2014, the cost of a barrel of Brent crude was $77. In the final three months of 2015, it was $44.
Today it is $34. That is the background to today's results from BP.Today it is $34. That is the background to today's results from BP.
Bob Dudley, BP's chief executive, told me two weeks ago that he expected the oil price to rise as high as$50-60 a barrel by the end of the year, as the oil majors desperately cut production and demand grows from China and the US.Bob Dudley, BP's chief executive, told me two weeks ago that he expected the oil price to rise as high as$50-60 a barrel by the end of the year, as the oil majors desperately cut production and demand grows from China and the US.
Global supply and demand, at least from his company's point of view, will be in better balance, he argued.Global supply and demand, at least from his company's point of view, will be in better balance, he argued.
It is clear from the strain the low oil price is putting on BP that another year of falling prices will mean yet more job losses in both the upstream (oil exploration and production, including the North Sea) and downstream (refining and sale of fuel) businesses.It is clear from the strain the low oil price is putting on BP that another year of falling prices will mean yet more job losses in both the upstream (oil exploration and production, including the North Sea) and downstream (refining and sale of fuel) businesses.
Both of the main engines of the business are now spluttering and puffing out uncomfortable-looking black smoke.Both of the main engines of the business are now spluttering and puffing out uncomfortable-looking black smoke.
That will put fresh pressure on BP's dividend, vital to our savings and pension funds. For the moment, BP says it is wholly committed to maintaining the payments.That will put fresh pressure on BP's dividend, vital to our savings and pension funds. For the moment, BP says it is wholly committed to maintaining the payments.
More from KamalMore from Kamal
Oil prices have fallen more than 70% since mid-2014, hit by the slowing global economy, the strong US dollar and oversupply.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.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.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.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.