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Oil giant BP sees profits fall 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 one-off gains and the effect of oil price movements - was $13.4bn (£8.2bn) last year, down from $17.1bn in 2012. | |
BP said lost income from 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. | The result for the third quarter was just above average analyst forecasts for $2.7bn. |
Including the impact of the asset sales and one-off gains, BP said replacement cost profit for the year more than doubled to $23.7bn compared with $11.4bn in 2012. | |
This was largely thanks to the one-off gain from BP's $17bn sale of its interest in the joint venture TNK-BP, which it sold to Russia's Rosneft. | |
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. | 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. | 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. | 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. | "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. |