In the quarter, BP said it generated $4.3 billion in cash flow and $24.7 billion in the year, down from 2006’s corresponding figures of $5 billion and $28.2 billion.

Net debt at the end of the quarter was $27.5 billion. The ratio of net debt to net debt plus equity was 23% compared with 20% a year ago.

Capital expenditure, excluding acquisitions and asset exchanges, was $6.6 billion for the quarter and $19.2 billion in 2007.

Total capex rose to $6.6 billion for the quarter and $20.6 billion at year-end. The year included $1.1 billion in respect of the acquisition of Chevron''s Netherlands manufacturing company. Disposal proceeds were $0.4 billion for the quarter and were $4.3 billion for the year.

In the quarter, BP repurchased 121 million of own shares for $1.5 billion and spent $7.5 billion buying back 663 million shares in 2007.

During the fourth quarter, the company started production at Mango and Cashima in Trinidad, Atlantis and King Subsea Pump in the Gulf of Mexico and Greater Plutonio in Angola.

In Egypt, where it holds 50% in the Denise field, production also started and shortly after the end of the quarter, first production from the Mondo field within the Kizomba C development in Angola, where BP holds a 26.67% interest also started.