LONDON (AP) — Oil giant BP says fourth-quarter earnings more than doubled as it made progress adjusting to lower energy prices.

Underlying replacement cost profit rose to $400 million from $196 million in the same period last year. The figure, which excludes non-operating items and fluctuations in the value of inventories, is the industry's preferred measure. Net income was $497 million compared with a loss of $3.31 billion a year earlier.

CEO Bob Dudley said Tuesday that BP delivered "solid results in tough conditions." Oil companies have been selling assets and cutting costs to adjust to lower prices. Brent crude, the international benchmark, averaged $44 a barrel last year, the lowest in 12 years.

BP took a fourth-quarter charge of $799 million for the Deepwater Horizon disaster, bringing total charges to $62.6 billion.