BP fourth quarter dragged down by IFRS

Profits at FTSE100 oil behemoth BP were adversely impacted in the fourth
quarter last year because of volatility caused by IFRS, BP chief executive Lord
Browne said today.

BP reported a 30% increase in annual profits for 2005, which climbed from
$17bn (£9.73bn) to £22.3bn. Fourth quarter results only increased 22%, however,
rising from £3bn to £3.6bn as IFRS fair value accounting took its toll on the Q4

BP said Q4 revenues were also impacted by the shutdown of its Texas City

‘BP’s fourth quarter result was particularly hit by the continued shutdown of
our Texas City refinery, during its refurbishment, and significant non-economic
effects of the application of IFRS fair value accounting,’ said Lord Browne.

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