BP has recorded total profits of £15.1bn ($23.9bn) for 2011 as the oil firm looks to be turning itself around following the Gulf of Mexico oil spill.
The London-based firm suffered a loss of £3.1bn ($4.9bn) in 2010 when an explosion on the BP-leased Deepwater Horizon rig killed 11 workers, caused millions of barrels of oil to spew into the sea and left the company with huge compensation costs.
BP's profits for the fourth quarter of last year rose to £4.8bn, helped by higher oil prices. It was far more than the £3bn forecasted and a 65% increase on a year earlier.
The fourth quarter profits exceeded those of rival oil giant Shell, which made £4.1bn over the same period. But Shell's full year profits were up to £18.1bn.
The turnaround in profits comes as BP prepares for legal action over the oil spill to begin on February 27.
BP chief executive Bob Dudley said:"BP is on the right path.
"2012 will be a year of increasing investment and milestones as we build on the foundations laid last year."
The company said that it had committed £632m ($1bn) "for the early restoration of natural resources following the Deepwater Horizon accident in 2010."
It added that by the end of 2011 it had paid more than £4.9bn ($7.8bn) to meet claims and government payments, while £9.5bn ($15.1bn) had been paid into the trust fund used to compensate victims of the oil spill disaster.
