Oil company BP reported a 12% drop in fourth-quarter net profit to $3.895 billion this morning, as oil and gas production fell and costs and taxes rose, but the oil giant still beat forecasts.
The world's third-largest fully publicly traded oil company by market value said its fourth-quarter replacement cost net profit, which strips out changes in the value of inventories, included a $152m charge related to non-operating items. Excluding this charge the result was $4.047 billion.
