Dudley: 2011 'year of consolidation' for BP

BP has reported a loss of $4.9bn (£3.1bn) for 2010, its first annual loss since 1992.

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, told the BBC that BP would restore its dividend payment to shareholders, paying seven cents a share.

He also said he would trim the company's portfolio following the poor results.

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