BP reports loss of $4.4 billion in 4th quarter of 2014

Source: AP-Excite

By DANICA KIRKA

LONDON (AP) — Oil giant BP reported a loss Tuesday of $4.4 billion for the fourth quarter of 2014, as oil prices plunged.

The net income figure includes a $5 billion writedown on the value of BP's inventories, after the price of Brent crude, the benchmark for North Sea oil, dropped almost 50 percent last year. BP posted a profit of $1.04 billion in the fourth quarter of 2013.

After stripping out the effect of the drop in oil prices, BP reported a loss of $969 million for the period, compared with a gain of $1.5 billion last year.

"We have now entered a new and challenging phase of low oil prices through the near and medium term," said Chief Executive Bob Dudley. "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."

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