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BP Fourth-Quarter Profit Drops

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February 04, 2014

Screen Shot 2014-01-30 at 00.47.49BP follows Royal Dutch Shell Plc (RDSA) and Exxon Mobil Corp., the two biggest oil companies by market value, in reporting lower earnings as the cost of drilling rises, refining profits slump and oil prices stagnate.

Shell and BG Group Plc (BG/) both issued profit warnings for the fourth quarter. BG today reported the first loss since 2000 on output disruptions from Egypt and higher exploration costs. Shell said last week it will accelerate asset sales to offset investment after capital spending reached a record in 2013.

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