BP profits fall 19% in 2012 after oil spill fine

BP has reported a 19% fall in profits for 2012 to $17.6bn (£11.2bn), down from $21.7bn the previous year, just days after the US court approved a record $4bn fine for the Gulf of Mexico oil spill.

However, BP's share price rose 1.55% to 469.20p by 10.30am this moring as the oil giant's Q4 figures were better than analysts had expected.  They had predicted a fall in quarterly profits in the last three months of the year to $3.3bn. However, profits came in higher at $4bn, down from $5bn the previous year. The profit falls were largely due to the sale of $37.8bn of assets to pay for the oil spill, according to Reuters. BP may also suffer further outflows as it prepares for a civil penalties trial over the oil spill, to begin on 25 February. Meanwhile, the recent sale of BP's...