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BP posted a profit of nearly $11.6 billion for the 12 months to 31 December, down from a profit of $25.7 billion in 2011.

The company’s underlying replacement cost profit, adjusted for non-operating items and fair value accounting effects, was also down for the year at $17.6 billion, compared to $21.7 billion a year earlier.

Underlying replacement cost profit from the company’s Upstream segment was down for the year, generating $19.4 billion, compared to $25.2 billion in 2011.

This came as production from the upstream business segment dropped 5.7% compared to 2011 to an…

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