The oil giant BP has reported reduced profits due to a decrease in world oil prices (click here for bbc news report).Its replacement cost profit (see table for definitions) fell from $25.59bn in 2008 to $13.96bn in 2009.
However, the company reported that its oil and gas production increased by 4% and its reserves had grown for a 17th successive year
REPLACEMENT COST PROFIT Replacement cost profit is the reporting measure typically used by oil companies and reflects the current cost of supplies The measure strips out gains or losses related to any changes in the value of the firm's stock of fuel products |
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