Global Bioenergy Industry News
BP Fourth Quarter Profits Up
For the full year, profit was $13,955 million compared with $25,593 million a year ago, down by 45 per cent.
The company said that non-operating items and fair value accounting effects for the fourth quarter had a net $937 million unfavourable impact compared with a net $18 million unfavourable impact in the fourth quarter of 2008.
For the full year, the respective amounts were $622 million unfavourable and $650 million unfavourable. Non-operating items for the fourth quarter and full year 2009 included a goodwill impairment of $1.6 billion relating to our US West Coast fuels value chain in Refining and Marketing.
Finance costs and net finance income or expense relating to pensions and other post-retirement benefits were $302 million for the fourth quarter, compared with $251 million for the same period last year. For the full year, the respective amounts were $1,302 million and $956 million.
Net cash provided by operating activities for the quarter and full year was $7.3 billion and $27.7 billion compared with $5.6 billion and $38.1 billion respectively a year ago.
Net debt at the end of the quarter was $26.2 billion. The ratio of net debt to net debt plus equity was 20 per cent compared with 21 per cent a year ago.
Total capital expenditure, including acquisitions and asset exchanges, for the fourth quarter and full year was $5.9 billion and $20.3 billion respectively. Excluding acquisitions and asset exchanges, capital expenditure in 2009 was $20.0 billion. Disposal proceeds were $1.1 billion for the quarter and $2.7 billion for the full year. In 2010, we expect capital expenditure, excluding acquisitions and asset exchanges, to be around $20 billion and we expect disposal proceeds of $2-3 billion.
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