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BP profit drops by 21 pct in Q4 2014, to cut spending

Xinhua, February 3, 2015 Adjust font size:

BP, a Britain-based oil giant, Tuesday announced that its underlying replacement cost profit for the fourth quarter of 2014 was 2.2 billion U.S. dollars, down by 21.4 percent from the 2.8 billion dollars of same period in 2013 due to the oil price slump last year.

Underlying replacement cost profits are adjusted for non-operating items and fair value accounting effects.

BP's full year profit in 2014 was 12.1 billion dollars, compared with 13.4 billion dollars reported for 2013, data also showed.

Bob Dudley, BP group chief executive, said: "We have now entered a new and challenging phase of low oil prices through the near and medium term."

"Our focus must now be on resetting BP: managing and rebalancing our capital program and cost base for the new reality of lower prices while always maintaining safe, reliable and efficient operations," said Dudley.

"As a result, organic capital expenditure in 2015 is expected to total around 20 billion U.S. dollars, significantly lower than previous guidance of 24-26 billion U.S. dollars. Total organic capital expenditure in 2014 was 22.9 billion U.S. dollars, lower than initial guidance of 24-25 billion U.S. dollars," added BP. Endit