Oil giant BP has reported a 45% drop in annual profit due to lower oil and gas prices and depressed refining margins.<\/p>\n
Its replacement cost profit for 2009 was $13.96bn (\u00a38.75bn), compared with $25.59bn in 2008.<\/p>\n
The company said that its oil and gas production increased more than 4% in 2009 and its reserves had grown for the 17th year in a row.<\/p>\n
Profits during the final three months of 2009 were $3.45bn, up 33% from the $2.59bn reported a year ago.<\/p>\n
However, the fourth quarter results fell short of analysts’ expectations, and BP shares fell more than 4% in early trading.<\/p>\n
BP said third-quarterly output had risen by 3% compared with the same period in 2008, to 4.05 million barrels of oil equivalent per day.<\/p>\n
The company said this was due to new field start-ups in the Gulf of Mexico and the absence of a significant hurricane season. It expects production in 2010 to be slightly lower.<\/p>\n
BP group chief executive Tony Hayward said 2009 had been a “very good” year.<\/p>\n
“I am pleased at the track record we are building of delivering on our promises to shareholders,” he said.<\/p>\n
Richard Hunter, head of UK equities at Hargreaves Lansdown Stockbrokers, said BP was performing well in challenging circumstances.<\/p>\n
“Despite high expectations, tough comparatives and a difficult market, BP continues to deliver,” he said<\/p>\n
“There is little question that refining margins remain under pressure, but the company is in good shape.”<\/p>\n
Oil prices dropped in 2009 after hitting a peak of $147 a barrel in 2008.<\/p>\n","protected":false},"excerpt":{"rendered":"
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