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BP posts fall in profits after more Gulf disaster costs | |
(35 minutes later) | |
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. |
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, against $5bn for the 2011 period. | |
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. | |
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 $4.1bn 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. |