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| Slide in oil price hits BP profit | Slide in oil price hits BP profit |
| (20 minutes later) | |
| Profits at oil giant BP fell sharply at the end of 2008 after the price of oil slid dramatically. | Profits at oil giant BP fell sharply at the end of 2008 after the price of oil slid dramatically. |
| For the last three months of 2008, BP's replacement cost profit was $2.587bn (£1.8bn), down 24% from a year ago and 74% lower than the previous quarter. | For the last three months of 2008, BP's replacement cost profit was $2.587bn (£1.8bn), down 24% from a year ago and 74% lower than the previous quarter. |
| Oil prices hit an all-time high of $147 a barrel in July, but have since fallen back sharply to about $40 this week. | Oil prices hit an all-time high of $147 a barrel in July, but have since fallen back sharply to about $40 this week. |
| Despite the fall in profits at the end of the year, BP's profit rose 39% for 2008 as a whole to $25.593bn. | Despite the fall in profits at the end of the year, BP's profit rose 39% for 2008 as a whole to $25.593bn. |
| BP said the fourth quarter was also weak because of a loss of $700m at its Russian joint venture TNK-BP. | |
| A protracted and bitter dispute between BP and the Russian shareholders in the venture was resolved in September when Robert Dudley had to step down as TNK-BP's chief executive. | |
| 'Challenging' environment | |
| The oil giant said it expected continued low demand for its products as many countries enter recession. | |
| "The economic environment remains challenging, with continued slowing of global economies and uncertainty in the global financial markets," it said. | "The economic environment remains challenging, with continued slowing of global economies and uncertainty in the global financial markets," it said. |
| BP's chief executive Tony Hayward said that that BP was striving to reduce costs, with 3,000 jobs lost in 2008 and cuts expected to exceed 5,000 by the middle of 2009. | |
| "The mantra in BP today is: 'every dollar counts, every seat counts'," he said. |