BP Profit Tumbles 91% Amid Oil Slump, Falling Short of Estimates
- Adjusted earnings drop year-on-year for six straight quarters
- Company's net loss in 2015 is largest in at least 30 years
BP Profit Nearly Wiped Out. Guess Why.
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BP Plc reported a 91 percent decline in fourth-quarter earnings after average crude oil prices dropped to the lowest in more than a decade. Its shares fell the most since 2010.
Profit adjusted for one-time items and inventory changes totaled $196 million, the London-based company said Tuesday. That missed the $814.7 million average estimate of 10 analysts surveyed by Bloomberg. The net loss for the year was $6.5 billion, the biggest in at least 30 years.