Writedowns on Russian Holdings Hit BP's Fourth-Quarter Earnings

摘要

Turmoil in Russia, lower oil prices and unusually volatile currency movements all had a negative impact on BP's fourth-quarter results, but the UK supermajor still reported record profits for 2008 on Tuesday. BP made a writedown of $517 million in the fourth quarter to reflect the sinking value of its stake in Rosneft and another $700 million at its Russian joint venture, TNK-BP. BP Chief Executive Tony Hayward admitted that finding a new boss for the troubled joint venture may take "some time" (OD Feb.3,p7).