LONDON — Oil giant BP has reported a loss of $4.4 billion in the fourth quarter of 2014, as oil prices plunged.
The net income figure includes a $5 billion writedown on the value of BP's inventories, after the price of Brent crude, the benchmark for North Sea oil, dropped almost 50 percent last year. BP posted a profit of $1.04 billion in the fourth quarter of 2013.
BP reported a loss of $969 million on a replacement cost basis, which strips out the effect of oil prices, versus a gain of $1.5 billion last year.
CEO Bob Dudley said Tuesday that the company's focus must now be on "resetting BP: managing and rebalancing our capital program and cost base for the new reality of lower prices."
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