BP reports quarterly loss of $US4.4bn

BP has sounded a sombre note on the oil industry, saying producers may have to adjust to an extended period of lower prices, as the company reports a fourth-quarter loss of $US4.4 billion ($A5.64 billion).

THE London-based oil company followed Royal Dutch Shell and Chevron in curbing spending after the price of crude oil dropped about 50 per cent last year.

The industry is going through a period that is much weaker than anyone anticipated, Chief Executive Bob Dudley said during a press conference on Tuesday."We're in a raging gale," Dudley said. "It's a bit of a new world."The net loss reported by BP, which posted a profit of $US1.04 billion in the fourth quarter a year earlier, includes a $US5 billion write-down on the value of inventories.After stripping out the effect of the drop in oil prices, BP reported a quarterly loss of $US969 million, compared with a profit of $US1.5 billion in the same period a year earlier.BP plans to cut costs by as much as $US6 billion this year, reducing exploration expenditures and postponing some projects, including development of the Mad Dog field in the Gulf of Mexico.Dudley said the company was beginning 2015 in a stronger position because of divestments made in wake of the 2010 Gulf of Mexico oil spill. BP was already in the process of shrinking and simplifying its operations, with an additional $US5 billion of divestments projected for this year."Our focus must now be on resetting BP: managing and rebalancing our capital program and cost base for the new reality of lower prices while always maintaining safe, reliable and efficient operations," Dudley said.

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