BP reported its first annual loss in a decade after a 96 per cent drop in fourth-quarter profit as the UK oil major continues to reel from the hit to energy demand from the pandemic.
Underlying profit on a replacement cost basis — the measure of income tracked most closely by industry analysts — was $115m in the three months to December 31.
This fell short of analyst expectations of a $370m profit, according to a company-compiled estimate, and compares with $2.6bn in the same period the year before.
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