Oil spill caused BP $3.7 billion annual loss

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Flag of the United States

BP PLC announced Tuesday it is resuming dividends for the first time since the Gulf of Mexico well disaster, as the oil company reported a 30 percent gain in fourth-quarter profits which fell short of reversing a full-year loss.

BP said it had booked a charge of $40.9 billion for the full year to cover the cost of the explosion aboard the Deepwater Horizon drilling rig which killed 11 workers, and for the costs of stopping and cleaning up the oil spill along the southern U.S. coast.

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