LONDON, Feb 7: British energy giant BP unveiled on Tuesday a near 31-per cent rise in annual net profit owing to rocketing oil prices but investors focused more on fourth-quarter earnings that undershot analysts’ forecasts.

BP posted a net profit of $22.34 billion in 2005.

The company promised to return between $50 and $65 billion to shareholders over the next two years, depending on oil prices.

But the increase in net profit during the three months to December 31 came in below forecasts because of accounting charges, the impact of hurricane damage in the United States and a fire at the Texas City refinery.

The company’s share price fell 3.23 per cent to 644 pence in late afternoon trading.

Group chief executive John Browne, speaking after the earnings release, denied press reports that BP might buy Spanish oil company Repsol YPF.—AFP