The British energy giant have posted their first loss in nearly two decades following the costly oil spill off the Gulf of Mexico.
BP's annual replacement cost loss of $4.9bn (£3.1bn) compares with profits of $13.96bn last year and includes a $40.9bn charge from to the spill, which blighted the company for much of 2010 and cost former chief executive Tony Hayward his job.
Fourth-quarter results showed replacement cost profits of $4.4bn, as a big rise in oil prices outweighed a 9pc drop in oil and gas production. This was less than the $4.9bn expected by analysts and BP shares fell 1pc in early trading.
The company also added an extra $1bn to its earlier $40bn estimate of the total cost of the Gulf of Mexico oil spill, at a time when analysts have been starting to cut their estimates of the bill.
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