BP Earnings Fall for Second Consecutive Year
February 07 2017 - 3:02AM
Dow Jones News
By Sarah Kent
LONDON-- BP PLC reported its second consecutive annual loss
Tuesday, as weak oil prices continue to weigh on the profits of the
world's biggest oil companies.
London-based BP said its replacement cost loss--a number
analogous to the net income that U.S. oil companies
report--narrowed to $999 million in 2016, compared with a loss of
$5.2 billion a year earlier. The company reported a small profit in
the fourth quarter of $72 million, compared with a loss of $2.2
billion in the same period of 2015.
Large global oil companies continue to struggle with a yearslong
slide in oil prices that drag on earnings, despite an uptick in the
market in recent months. BP's figures cap a mixed set of results
after Chevron Corp. and Exxon Mobil Corp. posted disappointing
earnings and Royal Dutch Shell PLC surprised with a cash surge,
despite reporting weak profits.
Write to Sarah Kent at sarah.kent@wsj.com
(END) Dow Jones Newswires
February 07, 2017 02:47 ET (07:47 GMT)
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