BP said on Tuesday fourth-quarter profit rose to $3.646 billion. The net profit of BP's is $4.8 billion, compared to $2.7 billion for the fourth quarter of 2003. Full year profits were over $16 billion.
BP said it achieved 89 percent reserve replacement on a SEC basis, renewing concerns about the industry's ability to replace the oil it pumps with new finds.
"Our strategy is on track and unchanged, our operations are in line with our previous indications, and we have a strong base of material assets and markets for a sustainable future," John Browne said in a statement.
