BP reports annual loss after oil spill costs

The replacement cost loss comes after taking into account $40.9bn set aside for costs relating to the giant oil spill in the Gulf of Mexico.

The loss compares with a profit of $13.9bn that BP had recorded in 2009.

The company's chief executive, Robert Dudley, said BP would restore its dividend payment to shareholders, paying 7 cents a share.

The dividend payouts had been suspended in the wake of the Gulf of Mexico oil spill.

The BBC's business editor, Robert Peston, said the suspension of the dividend for nine months cost shareholders £4.9bn.

However, he said the level of the new dividend means that in total shareholders will be getting £3.2bn a year less than what they were receiving in 2009, Kazinform refers to BBC News.

See www.bbc.co.uk for full version.