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

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.

The results from the company, based in London, were yet another demonstration of the damage that the sharp fall in crude oil prices is having on the industry. BP reported a profit of US$1 billion in the same quarter a year ago.

Also on Tuesday, BG, another large British oil and gas producer, said that it had write-downs of US$8.9 …