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BP reports fall in full-year profits BP posts fall in profits after more Gulf disaster costs
(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 posted a fall in full-year profits after setting aside money to cover liabilities for 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. It comes days after a US court approved a record $4bn criminal fine against BP over the fatal Gulf of Mexico disaster.
BP made $4bn in the fourth quarter of 2012. BP made $4bn in the fourth quarter, against $5bn for the 2011 period.
That compares to $5bn in the same period in 2011, mainly as a result of asset sales to pay for its spill charges. Despite the profits fall, the figures beat analysts' expectations. BP said that its downstream activities - refining and sales of petroleum products - earned a record amount for the year. Its share price was up 2% in morning trading.
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.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. "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 $4.1bn 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.