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BP reports $4.9bn annual loss after oil spill costs BP reports $4.9bn annual loss after oil spill costs
(about 2 hours 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 company said the replacement cost loss reflected a sum of $40.9bn set aside for charges 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 seven cents a share.The company's chief executive, Robert Dudley, said BP would restore its dividend payment to shareholders, paying seven cents a share.
The dividend payouts had been suspended in the wake of the Gulf spill.The dividend payouts had been suspended in the wake of the Gulf spill.
The company's chairman, Carl-Henric Svanberg, said: "We have chosen a prudent level that reflects the company's strong underlying financial and operating performance but also recognises the need to fully meet our obligations in the Gulf of Mexico and to maintain financial flexibility."The company's chairman, Carl-Henric Svanberg, said: "We have chosen a prudent level that reflects the company's strong underlying financial and operating performance but also recognises the need to fully meet our obligations in the Gulf of Mexico and to maintain financial flexibility."
The BBC's business editor, Robert Peston, said the suspension of the dividend for nine months cost shareholders £4.9bn.The BBC's business editor, Robert Peston, said the suspension of the dividend for nine months cost shareholders £4.9bn.
However, he said the level of the new dividend means that in total shareholders will be getting £3.2bn a year less than what they were receiving in 2009.However, he said the level of the new dividend means that in total shareholders will be getting £3.2bn a year less than what they were receiving in 2009.
Oil pricesOil prices
BP's profits during the fourth quarter of 2010 were $4.6bn, a third higher than in the same quarter a year previously.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.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 two US oil refineries, including the Texas City refinery, where 15 workers were killed and 170 injured in an explosion at the plant in 2005.BP also said in its results statement that it would sell two US oil refineries, including the Texas City refinery, where 15 workers were killed and 170 injured 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.The company is restructuring its business and has already sold interests in Argentina, North America, Venezuela, Vietnam, Colombia and Egypt.
Joseph Lampel, professor of strategy at Cass Business School, said he expected the company's strategy for 2011 to continue the path set in 2010.Joseph Lampel, professor of strategy at Cass Business School, said he expected the company's strategy for 2011 to continue the path set in 2010.
"BP will continue to emphasise safety and will be trying to generate more cash," he said."BP will continue to emphasise safety and will be trying to generate more cash," he said.
"It has been fortunate that the oil price has been much higher, which has cushioned it to some extent from the effects of the problems last year.""It has been fortunate that the oil price has been much higher, which has cushioned it to some extent from the effects of the problems last year."
Earlier this month BP announced a $10bn partnership with the Russian state-controlled oil firm Rosneft to explore for oil in the Russian Arctic.Earlier this month BP announced a $10bn partnership with the Russian state-controlled oil firm Rosneft to explore for oil in the Russian Arctic.
That deal has upset existing Russian investors in TNK-BP - another Russian joint venture - which is taking BP to the High Court in London later on Tuesday arguing that its arrangement with BP means any exploration should be done with it, rather than a rival company.That deal has upset existing Russian investors in TNK-BP - another Russian joint venture - which is taking BP to the High Court in London later on Tuesday arguing that its arrangement with BP means any exploration should be done with it, rather than a rival company.