BP Swings to 4Q Profit But Misses Consensus Estimates
By Jaime Llinares Taboada
BP PLC said Tuesday that it swung to a profit in the fourth
quarter of 2020 as oil prices continued to recover.
The British oil major made a net profit of $1.36 billion in the
three months to Dec. 31, compared with a net loss of $450 million
in the third quarter.
Its underlying replacement cost profit increased to $115 million
from $86 million quarter-on-quarter, but was below the
company-compiled market consensus of $370 million, based on 26
brokers' estimates. The metric is similar to the net profit figure
that U.S. oil companies use but strips out one-off items.
BP declared a quarterly dividend of 5.25 cents a share, bringing
the full-year payment to 31.50 cents, down from 41.00 cents in
The company said that oil prices have risen since the end of
October and demand is expected to recover in 2021.
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(END) Dow Jones Newswires
February 02, 2021 02:25 ET (07:25 GMT)
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