Output fell 2.0 percent to 4.01 million barrels of oil equivalent per day (boepd) during the three months to December 31, compared with the 4.095 million boepd that BP achieved a year earlier, BP said in a trading update.

That put BP's average output for the year at around 4.0 million boepd, below its guidance of 4.1-4.2 but still consistent with analysts' expectations.

The fourth-quarter figure was also ahead of 3.84 million boepd in the third quarter of BP's financial year.

The company's share in Russian-British oil firm TNK-BP, meanwhile, contributed around 1.020 million boepd to fourth-quarter output.

BP said that Rita and Katrina reduced production by an estimated 160,000 boepd in the period, compared with a reduction of 135,000 boepd in the third quarter.

Katrina, which devastated US Gulf Coast energy installations as it struck New Orleans on August 29, was the costliest US hurricane on record. It was followed by Rita in September.

BP lost 400 million dollars (331 million euros) in fourth-quarter profits, largely because of the hurricane-induced closure of the 460,000-boepd Texas City refinery, the third largest in the United States.

Repairs of damaged facilities cost it an extra 130 million dollars. No date was given for the re-opening of the Texas City refinery.

Meanwhile, BP said it would take a 400-million-dollar charge relating to its restructuring programme in Europe.

The energy giant also said it would take a non-cash charge of 1.3 billion dollars in the fourth quarter, primarily as a result of a loss on derivatives.

Analysts expressed relief that there were no surprises in the trading update.

"Broadly speaking, this was in line with expectations apart from the raft of charges that have started to become regular," said Teather and Greenwood analysts.

BP also said that refining margins deteriorated in the fourth quarter compared to the third, though half of the decline has been offset by a recovery in marketing margins.

But it was still expected to report another set of bumper earnings for the quarter, as oil and gas prices remained firm compared to their year-ago levels.

The Gulf Coast natural disasters had forced BP last year to revise downwards the group's estimate of average daily energy production for 2005.

The group's share price slid 0.23 percent to 642 pence in early afternoon London trade, while the British capital's FTSE 100 index of top companies gained 0.53 percent to 5,719.20 points.

All rights reserved. � 2005 Agence France-Presse. Sections of the information displayed on this page (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence, you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the content of this section without the prior written consent of Agence France-Presse.