BP has posted a fourth-quarter “replacement cost profit” of $2.594 billion, down a billion dollars from the heady months of 2007 due to lower oil prices.
Like other supermajor oil companies, BP’s full-year result was up on the two-thirds of 2008 marked by sky-high oil prices. Company 2008 net profit was up 395 percent to $25.59 billion year-on-year.
The company said it was flush with year-end revenues from operating activities, or up some $14 billion over 2007 to $38.1 billion.
BP boss Tony Hayward is expected to address shareholders and the press late on Tuesday and likely field questions about the company’s exploration and production business. Company E&P added 40 percent less to BP’s quarterly “replacement cost profit” since the same time last year — or some $4.76 billion — although, Hayward has said the firm will replace 100 percent of its production in 2009.
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