BP shares gain on full-year profits news

<p>BP shares increase after the company revealed its profit report.</p>

Shares in BP have made gains after the company posted its full-year profit report, which shows the company has set aside considerable funds to cover its liabilities in the Deepwater Horizon disaster.

Replacement cost profits, which strip out the effect of shifts in oil prices – were down to $17.6 billion (£11.1 billion) on the previous year's $21.7 billion.

BP also made $4 billion in the fourth quarter, against $5 billion for the 2011 period.

Despite these falls, the figures were better than the market had anticipated and came just days after a US court approved a record $4 billion criminal fine against the organisation over the fatal explosion and oil spillage in the Gulf of Mexico in 2010 – the worst in history.

The Deepwater Horizon disaster killed 11 workers and pumped millions of barrels of crude oil into the sea over an 87-day period.

At 10:20 GMT, BP shares on the London Stock Exchange rose by 1.4 per cent to 468.55p per unit.

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