Lower oil prices have almost halved fourth-quarter profits at BP.
The oil giant reported a 46 per cent fall in profits to £2 billion sterling. But BP is still Britain's most profitable firm in the year 2001 with net earnings of £9.24 billion.
Profit figures are adjusted for exceptional items and to measure the value of stocks and production at current costs.
BP's shares have outperformed those of closest rival Royal Dutch/Shell by 11 per cent over the past year and have moved in line with the world's largest oil company, Exxon Mobil.
In stark contrast to Shell, BP's future output looks more assured, after reserve replacement of 191 per cent during the year, well above that of its rival which reported last week.
Many analysts rate BP in terms of volume above number two Shell, citing its superior growth prospects and a better management record on delivering on cost and production targets in recent years.