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BP posts weaker profit in Q4, raises oil spill charge

Energy giant posts a 37 percent drop in fourth quarter profit

Published: Updated:

BP posted a 37 percent drop in fourth quarter profit due to a weaker performance in both its production and refining businesses and said it would increase the accounting provision for the 2010 oil spill by $200 million.

The company, the western world's no.4 oil company, on Tuesday reported underlying replacement cost profit of $2.8 billion for the fourth quarter of 2013, down from $3.9 billion in the same period a year ago, beating a consensus forecast of $2.7 billion.

BP also said the provision to cover the costs of the Gulf of Mexico spill had risen to $42.7 billion from $42.5 billion last year.