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Deepwater Horizon Oil Spill (2010)

BP reports 91 percent plunge in fourth quarter earnings

BP's fourth-quarter earnings plunged 91 percent amid sharp declines in oil prices as the British energy company continued to make provision for the Deepwater Horizon disaster in the Gulf of Mexico and streamline operations.

The company reported Tuesday that underlying replacement cost profit fell to $196 million from $2.2 billion in the same quarter a year earlier. The figure is an oil industry accounting standard that includes fluctuations in the price of oil and excludes one-time items.

"It's going to be a very turbulent year for our industry," CEO Bob Dudley said as he opened a new conference in London.

Oil companies are slashing jobs and delaying...