BP shares dip as profits disappoint

In 2009 BP pumped 70,000 barrels more oil per day than it's biggest rival, ExxonMobil. But despite this, the share price has gone down as recession-hit profits disappoint.

At first glance, BP's figures looked good. Fourth-quarter profits rose 70% compared with 12 months ago. But that missed the City's forecasts, while 2009 as a whole saw a 45% profit fall.

The recovery from recession will be "slow and gradual", said BP boss Tony Hayward. BP's output is likely to be "slightly lower" in 2010, given this year's unusually benign hurricane season. The shares fell by almost 5% after the report.

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