BP’s full-year results showed a loss of $4.9 billion, including a total pre-tax charge related to the Gulf of Mexico oil spill of $40.9bn. It also resumed payment of quarterly dividends, which were suspended in June 2010 following the disaster in April.
In a press statement the company confirmed its immediate priority was to complete the process of embedding world-class safety and operational risk management at the heart of the group’s approach to all its activities and throughout all its operations. It also reconfirmed its commitment to meeting all of its obligations arising from the oil spill, ensuring that lessons learned were applied across BP and shared effectively with industry and governments.
In update to investors, the company set out its agenda to rebuild its reputation and deliver sustainable value growth for its shareholders. BP’s group chief executive Bob Dudley said: “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.
“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. 2011 will be a year of recovery and consolidation as we implement the changes we have identified to reduce operational risk and meet our commitments arising from the spill. But it will also be a year in which we have the opportunity to reset the company, adjusting the shape of our business, and focus on growing value for shareholders."
Meanwhile stronger crude prices led to bumper fourth quarter and year-end results for Esso and Shell.