BP's underlying replacement cost profit was $2.6B for 4Q 2019 and f10.0B for the whole year, which were respective $900MM and $2.7B decreases on the year, as a result of a weaker oil market. Profits for 4Q and for the entire year were fl9MM and $4. 0B, respectively. BP reported a $1.9B after-tax impairment charge in non-operating items, which was mainly caused by disposing gas assets in the US, and a $900MM charge from reclassifying previous foreign exchange losses on the formation of the new biofuel j.v. Excluding GoM oil spill payments, which totaled $2.4B on a post-tax basis, operating cash flow for 2019 was $28.2B, which included $300MM in working capital release. For 2020, GoM oil spill payments are expected to be less than $1B. For the entirety of 2019, the company had $15.2B in organic capital expenditure. The company had $9.4B from divestments and other disposals and is on track to reach its $10B target before the end of this year. By the middle of next year, the company is expected to announce $5B in agreed disposals.
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