Published 6 hours ago

British oil major BP reports sharp drop in fourth-quarter profit, vows strategy reset

Summary

British oil major BP on Tuesday posted a sharp drop in fourth-quarter profit, pledging to “fundamentally” reset the embattled energy company’s strategy. The energy firm posted underlying replacement cost profit — used as a proxy for net profit — at $1.169 billion in the fourth quarter, compared with $2.99 billion in the same period of last year and with an analyst forecast of $1.2 billion, according to a LSEG poll.

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