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| BP reports fall in full-year profits | |
| (35 minutes later) | |
| Oil giant BP has reported a fall in full-year profits as it continued to set aside money to cover liabilities related to the Deepwater Horizon disaster. | Oil giant BP has reported a fall in full-year profits as it continued to set aside money to cover liabilities related to the Deepwater Horizon disaster. |
| Replacement cost profit, which strips out the effect of oil price movements, was $17.6bn (£11.18bn) in 2012 - down from $21.7bn a year earlier. | Replacement cost profit, which strips out the effect of oil price movements, was $17.6bn (£11.18bn) in 2012 - down from $21.7bn a year earlier. |
| The results come days after a US court approved a record $4bn in criminal penalties against BP related to the giant oil spill. | The results come days after a US court approved a record $4bn in criminal penalties against BP related to the giant oil spill. |
| BP made $4bn in the fourth quarter of 2012. | BP made $4bn in the fourth quarter of 2012. |
| That compares to $5bn in the same period in 2011, mainly as a result of asset sales to pay for its spill charges. | That compares to $5bn in the same period in 2011, mainly as a result of asset sales to pay for its spill charges. |
| BP in October agreed to sell its 50% stake in TNK-BP to the Russian state-owned energy company Rosneft in return for cash and shares. | |
| "We have moved past many milestones in 2012, repositioning BP through divestments and bringing on new projects. This lays a solid foundation for growth into the long term," said BP Chief Executive Bob Dudley. | |
| The 2010 Deepwater Horizon incident was one of the worst environmental disasters in US history. | The 2010 Deepwater Horizon incident was one of the worst environmental disasters in US history. |
| It killed 11 workers and released millions of barrels of crude into the Gulf of Mexico over 87 days. | It killed 11 workers and released millions of barrels of crude into the Gulf of Mexico over 87 days. |
| BP said that it took an additional $4.1 billion charge in the fourth quarter, related to its settlement agreement with the US Department of Justice, in which it agreed to plead guilty to 14 criminal charges. | BP said that it took an additional $4.1 billion charge in the fourth quarter, related to its settlement agreement with the US Department of Justice, in which it agreed to plead guilty to 14 criminal charges. |
| In total the company believes the cumulative cost of the Gulf of Mexico spill at the end of 2012 amounted to $42.2bn. | In total the company believes the cumulative cost of the Gulf of Mexico spill at the end of 2012 amounted to $42.2bn. |
| BP will also pay an $525m to the Securities and Exchange Commission over a period of three years. | BP will also pay an $525m to the Securities and Exchange Commission over a period of three years. |