Fourth-quarter profit for BP fell to $115 million, pummelled by continued weak energy demand caused by COVID-19.
The result announced today missed analysts’ forecasts.
On annual basis, BP sank to a loss of $5.7 billion, its first in a decade.
This was after it wrote down the value of oil and gas assets by $6.5 billion, as it sharply lowered its long-term energy prices.
Its fourth-quarter underlying replacement cost profit, the company’s definition of net income, reached $115 million, beating the $360 million loss seen in a company-provided survey of analysts.
That compared with a $86 million profit in the third quarter and a profit of $2.6 billion a year earlier.