BP profits almost halved

Feb 2 2010 By nebusiness

Energy giant BP said today that annual profits almost halved as the effect of lower oil prices took its toll.

The UK company said its full-year surplus was US$13.96bn (£8.75bn) in the year to December 31 - down 45% on 2008.

Oil prices slumped in 2009 from their peak of US$147 a barrel during the previous year. Profits for the final quarter rose 33% to US$3.45bn (£2.16bn), but this was below City forecasts.