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BP’s earnings slump 91% in Q4

by ChemOrbis Editorial Team -
  • 03/02/2016 (10:21)
According to a press release on the company’s website, BP’s earning slumped around 91% on the year in the fourth quarter of 2015, posting the lowest levels seen in more than a decade. The company’s profit adjusted for one-time items and inventory changes was reported at $196 million compared with a profit of $2.24 billion in the same period of last year. BP’s adjusted profit for the quarter also fell below analysts’ estimates, which called for an $814.7 million profit. BP also said that it lost $6.5 billion in 2015.

The company reported that weaker financial results for the quarter were predominantly driven by the impact of steeply lower oil and gas prices despite strong operational performance and growing cost reductions.

In 2015, BP’s petrochemical production rose 5.3% on the year to reach 14.8 million tons. Production in Europe fell 8.4% to 3.5 million tons while production in the US also declined 4.6% to 3.7 million tons.

The company also said in a statement that they expect to reduce staff number by around 4,000 in the upstream segment during 2016 and by 3,000 in the downstream segment by the end of 2017. Previously, the company also stated that they would cut spending to $17-19 billion by 2017, while it also announced additional divestments in 2016.
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