SHARES in oil giant BP were more than 4% lower today after fourth quarter profits came in below City expectations.
The company reported a 4% jump in production in 2009, but its refining business was hit by "extremely weak trading conditions", particularly in the last months of the year.
While chief executive Tony Hayward described 2009 as "very good", shares fell 24p to 570.6p as investors reacted with disappointment to the latest figures.
The FTSE 100 Index was also impacted by the BP result as the top flight drifted 20.2 points to 5227.3. Royal Dutch Shell, which is due to report annual results on Thursday, fell 8p to 1682.5p.
The biggest gain in the FTSE 100 came from Cable & Wireless after the telecoms firm confirmed plans for a March demerger of its business services operation and revealed a proposed dividend in line with market hopes.
Shares were 3.6p higher at 146.9p, a gain of 2%.
Outside the top flight, shares in Dairy Crest were more than 1% higher after it said profits for the nine months to December 31 were slightly ahead of expectations. It credited a continued strong performance by key brands including Clover and Cathedral City.
