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BP Q4 profits dragged down by divestment program and continuing costs of Gulf of Mexico spill

BP says its fourth-quarter profits fell by nearly a third as the company felt the impact of asset sales following the Gulf of Mexico oil disaster.

Net income dropped 30 percent to $1.04 billion from $1.49 billion in the same quarter the year before.

The company says Tuesday that a number of factors were behind the decline including lower refining markets and costs related to new projects and investments.

The Gulf of Mexico spill continues to eat into profits. The aftermath of the 2010 Deepwater Horizon disaster cut pretax profit by $189 million in the quarter and $469 million over the year.

Profits were also impacted by the divestment program that followed the spill.

For the year as a whole, profit more than doubled to $23.5 billion from $11 billion.