LONDON, Feb 7 (Reuters) - BP missed analysts'estimates for fourth-quarter profit on Tuesday and reported adecline in earnings for the second consecutive year to thelowest in at least 10 years.
BP's underlying replacement cost profit, the company'sdefinition of net income, fell to $400 million, compared with$560 million expected by analysts but better than $196 millionmade a year earlier.
It said it expected 2017 production to rise due to a stringof new projects coming on stream, but warned that OPEC'sdecision to cut production may impact final output.
BP said it will balance its books at an oil price of around$60 per barrel by the end of the year and said full-year capitalexpenditure was now expected at the higher end of its previousguidance at $16-17 billion. (Reporting by Karolin Schaps and Ron Bousso; editing by JasonNeely)