London - BP's quarterly profits fell by 20% to $2.2bn in the last three months of 2014 due to plunging oil prices, the energy giant said on Tuesday.
The Q4 fall took BP's annual profits to $12.1bn, 10% below the 2013 figure.
READ: BP cuts investment as sliding oil hits profit
"We have entered a challenging phase of low oil prices," said Bob Dudley, BP's chief executive.
"Our focus must now be on resetting BP, while maintaining safe operations," Dudley said.