UPDATE 1-BP profits rise on higher oil prices, output

LONDON Feb 2 (Reuters) - British oil major BP Plc (BP.L) reported a 33 percent rise in fourth quarter replacement cost profit to $3.45 billion, but missed forecasts, as higher oil prices and a rise in output countered lower refining margins.

Excluding one-off and non-operating items, which amounted to a net charge of $937 million, the result was $4.38 billion, behind an average forecast of $4.65 billion from a Reuters poll of 9 analysts.

BP said output rose 3 percent in the quarter compared to the same period in 2008, to 4.05 million barrels of oil equivalent per day.

Two dealers said they expected the stock to open down 2 percent on the results.

Brent crude average $74.53 a barrel in the quarter, BP said, compared to $55.48 in the same period of 2008. However, gas prices were sharply lower.

Earnings in the fourth quarter of 2008 were hit by a $700 million lagged tax charge at BP's Russian unit.