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BP net loss makes $ 3.7 bln

01 February 2011 11:30 (UTC +04:00)

Baku - APA-Economics. BP has released Q4 results this morning, reporting net income of $5.57 billion versus $4.3 billion last year, Automated Trader reported.

The company reported a full-year loss of $3.72 billion versus a profit of $16.58 billion in 2009. The group income statement for Q4 and full-year reflects a pre-tax charge of $1 billion and $40.9 billion respectively related to the Gulf of Mexico oil spill, with all charges relating to the incident have being treated as non-operating items.

The company announced the resumption of quarterly dividend payments, with a 7c per share dividend to be paid on Mar. 28 this year. The company said that following a strategic review, it intends to divest the Texas City refinery and the southern part of its US West Coast Fuels Value Chain, including the Carson refinery, by the end of 2012 subject to all necessary legal and regulatory approvals, adding that it will ensure current obligations at Texas City are fulfilled.