BP sees £3bn loss after oil spill

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BP chief executive Bob Dudley said the embattled firm would resume its quarterly dividend payment

BP has suffered its first annual loss in nearly two decades after revealing that the Gulf of Mexico oil spill will cost it more than 40 billion US dollars (£25.2 billion).

The British energy giant recorded a full-year loss of 4.9 billion US dollars (£3.1 billion) in the year to December 31, compared with profits of 13.9 billion US dollars (£8.7 billion) in 2009, after the financial impact of the fatal Deepwater Horizon explosion was deducted.

But chief executive Bob Dudley said the embattled firm would resume its quarterly dividend payment – after it was suspended last summer – at seven cents (4p) a share, half the level of its last payment in April.

The company also revealed plans to sell two refineries in North America – including the company’s plant in Texas City, which was the site of a fatal fire and explosion in 2005.

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