BP has reported a 45% drop in annual profit due to lower oil and gas prices and depressed refining margins.
Its replacement cost profit for 2009 was $US13.96 billion compared with $US25.59 billion in 2008.
The company said that its oil and gas production increased more than 4% in 2009 and its reserves had grown for the 17th year in a row.
Profits during the final three months of 2009 were $US3.45 billion, up 33% from the $US2.59 billion reported a year ago.
BP said third-quarterly output had risen by 3% compared with the same period in 2008, to 4.05 million barrels of oil equivalent per day.
The company said this was due to new field start-ups in the Gulf of Mexico and the absence of a significant hurricane season. It expects production in 2010 to be slightly lower.
Chief executive Tony Hayward said 2009 was a "very good" year.
Oil prices dropped in 2009 after hitting a peak of $US147.27 per barrel in July 2008.
