Crisis-hit BP reported its first annual loss in almost two decades on Tuesday, as a result of the Gulf of Mexico oil spill disaster, and outlined plans to shift its focus away from the United States. BP suffered a loss of $4.9 billion (3.6 billion euros) last year, which was the first shortfall since 1992 and compared with a healthy profit of $13.955 billion in 2009, it revealed in a results statement.
The energy major also raised the estimate of costs from the devastating oil spill to $40.9 billion, compared with previous guidance of $40 billion. But the company will resume payment of its shareholder dividend at seven cents per share. The payout was suspended in the wake of the devastating spill, in the face of intense US political pressure.
"2010 will rightly be remembered for the tragic accident and oil spill in the Gulf of Mexico and it is clear that as a result BP is a company in transition," Chief Executive Bob Dudley said. "I am determined that we will emerge from this episode as a company that is safer, stronger, more sustainable, more trusted and also more valuable."
BP's fortunes were ravaged last year by the oil spill, which was widely acknowledged to be the worst environmental catastrophe in US history and knocked billions of dollars off the its value. The group is now trying to move on from the oil disaster after agreeing to sell $30 billion of assets to help pay for the clean-up bill.
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