Oil price fall hits BP profits

BP has reported lower profits and has said it will cut spending on exploration because of the fall in oil prices.

Underlying profits in the final three months of 2014 were down 20% on a year earlier at $2.2bn (£1.5bn). For the full year, profits fell 10% to $12.1bn.

The oil giant also said it would be cutting capital expenditure plans by $4bn-$6bn this year.

Ben Thompson has more details.