Q4 profit for BP sinks

BP profit hit by COVID-19

Agency Report

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.

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