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| BP reports annual loss after oil spill costs | BP reports annual loss after oil spill costs |
| (40 minutes later) | |
| BP has reported a loss of $4.9bn (£3.1bn) for 2010, its first annual loss since 1992. | BP has reported a loss of $4.9bn (£3.1bn) for 2010, its first annual loss since 1992. |
| The replacement cost loss comes after taking into account $40.9bn set aside for costs relating to the giant oil spill in the Gulf of Mexico. | The replacement cost loss comes after taking into account $40.9bn set aside for costs relating to the giant oil spill in the Gulf of Mexico. |
| The loss compares with a profit of $13.9bn that BP had recorded in 2009. | The loss compares with a profit of $13.9bn that BP had recorded in 2009. |
| The company's chief executive, Robert Dudley, said BP would restore its dividend payment to shareholders, paying 7 cents a share. | The company's chief executive, Robert Dudley, said BP would restore its dividend payment to shareholders, paying 7 cents a share. |
| The dividend payouts had been suspended in the wake of the Gulf of Mexico oil spill. | |
| Oil prices | |
| BP's profits during the fourth quarter of 2010 were $4.6bn, a third higher than in the same quarter a year previously. | |
| Some of the increase in profits during the fourth quarter was thanks to the rising oil price, which had climbed to £$90 a barrel by the end of last year. | |
| BP also said in its results statement that it would sell its Texas City oil refinery, where 15 workers were killed in an explosion at the plant in 2005. | |
| The company is restructuring its business and has already sold interests in Argentina, North America, Venezuela, Vietnam, Colombia and Egypt. | |
| Later on Tuesday BP will give further details on its future strategy. |