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| Oil giant BP sees 2013 profit drop as sell-offs hit | Oil giant BP sees 2013 profit drop as sell-offs hit |
| (35 minutes later) | |
| Oil giant BP has reported a fall in profits for 2013. | Oil giant BP has reported a fall in profits for 2013. |
| Underlying replacement cost profit - which strips out the effect of oil price movements - was $13.4bn (£8.2bn) last year - down from $17.1bn in 2012. | Underlying replacement cost profit - which strips out the effect of oil price movements - was $13.4bn (£8.2bn) last year - down from $17.1bn in 2012. |
| BP said asset sales, weaker margins on refining and higher exploration write-offs were to blame. | BP said asset sales, weaker margins on refining and higher exploration write-offs were to blame. |
| For the final three months of last year, BP said underlying replacement cost profit fell to $2.8bn from $3.9bn. | For the final three months of last year, BP said underlying replacement cost profit fell to $2.8bn from $3.9bn. |
| The result for the third quarter was just above average analyst forecasts for $2.7bn. | |
| BP has sold off $38bn worth of assets since the Deepwater Horizon oil spill in the Gulf of Mexico, helping it to fund compensation payouts. | |
| However, this sell-off has hit production. BP said it expected reported production to be lower in 2014 due to the sales. | |
| The oil firm said in October it still plans to sell off a further $10bn worth of assets by the end of next year. | |
| "Capital discipline is central to BP's strategy; making the right investment choices, sticking to our capital limits, and actively managing our portfolio in pursuit of long term value," said BP chief executive Bob Dudley. | |
| BP said the cost of the 2010 Deepwater Horizon oil spill in the Gulf of Mexico was currently $42.7bn, up from $42.5bn last year. |