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BP posts net loss of US$4.4b in Q4 2014

Loss is attributed mainly to US$5.5b in write-offs on the value North Sea and Angola assets due to lower estimates of reserves and falling oil prices

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BP says that it will sharply reduce capital spending to roughly US$20 billion, cut exploration spending and postpone marginal projects.

London

BP on Tuesday reported a net loss of US$4.4 billion in the fourth quarter of 2014, attributed mainly to write-offs of about US$5.5 billion on the value of assets in the North Sea and Angola because of lower estimates of reserves and falling oil prices.

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