BP Profit Hit By Gulf Of Mexico Settlement

BP has set aside a further $4.1bn (£2.6bn) to cover costs relating to the Gulf of Mexico oil spill, as it reported a fall in profit.

It takes the total cost of the explosion at the company's Deepwater Horizon rig in April 2010 to $42.2bn (£26.8bn).

Earlier this month, BP agreed to plead guilty to manslaughter over its role in the incident - which resulted in the deaths of 11 workers - and pay $4.5bn (£2.9bn) in a record criminal settlement.

A trial in the US is expected to begin later this month.

The oil giant said its underlying replacement cost profit fell 18% to $17.6bn (£11.1bn) last year.

In the fourth quarter, BP's profit was $3.9bn (£2.5bn) - a fall of more than 20% when compared to the same period in 2011.

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