BP suffers heavy losses amid oil price fall
BP has reported a £3.6 billion ($5.2 billion) annual loss for 2015, its largest in 20 years, and announced a further 30,000 job losses, following substantial writedowns and amid a collapse in the oil price.
The oil giant recorded a a £1.5 billion ($2.2 billion ) loss in the fourth quarter of last year, and said that underlying replacement cost profits - a key measure watched by financial analysts - dropped to £136 million ($196 million), well short of expectations.
Underlying profits for last year more than halved to £4.1 billion ($5.91 billion), but the company protected its dividend to shareholders.
The oil giant's figures come as oil prices hit a 13-year low earlier this month.
Bob Dudley, chief executive for BP group, said the company was attempting to "adapt and rebalance", amid challenging conditions.