BP PLC flipped to a $5.7 billion loss in 2020 from a $10 billion profit in the year-ago period, as lower energy prices, significant exploration write-offs, and depressed demand all dented its performance during the coronavirus pandemic. Shares declined 4.4% in Tuesday’s pre-market trading session. Analysts had been looking for a full-year 2020 loss of $4.8 billion. BP (BP) reported that performance was significantly impacted by lower marketing performance in the downstream segment, with volumes, refining margins and utilization still under pressure due to COVID-19. In the fourth-quarter, BP’s adjusted net income plunged to $115 million from $2.57 billion during the same period a year ago.
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