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BP Reported Production Decline

BP reported on Tuesday that fourth-quarter production declined from a year earlier

BP reported on Tuesday that fourth-quarter production declined from a year earlier and profitability in its refining operations fell, concluding a difficult year for the oil giant.

BP produced around 3.82 million barrels of oil equivalent a day, the same as in the third quarter and down from 4.02 million barrels in the year-earlier fourth quarter.

Europe's largest oil-exploration company said production outside its Russian operation was around 2.89 million barrels of oil equivalent a day.

Shares of BP slipped 1.7%, hitting an 18-month low in a broadly higher London market.

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