BP tumbled to a $2.2bn loss in the fourth quarter of last year, after taking heavy writedowns and restructuring charges in the wake of the oil price collapse.
The UK oil major said on Tuesday that its underlying replacement cost profit for the period -analysts’ preferred measure which strips out one-off charges – sank to just $196m, well short of expectations, from a $2.2bn profit for the same period a year ago. The unadjusted loss of $2.2bn compared with a loss of $969m the previous year.
“The lower underlying result was mainly due to the Upstream segment which reported an underlying replacement cost loss of $728 million for the quarter,” said BP.
It added that cumulative restructuring charges from the beginning of the fourth quarter of 2014 totalled $1.5 billion by the end of 2015. A further $1.0 billion of restructuring charges was expected to be incurred in 2016.
“We expect full-year 2016 underlying production to be broadly flat with 2015,” the company said, adding:
The actual reported outcome will depend on the exact timing of project start-ups, divestments, OPEC quotas and entitlement impacts in our production-sharing agreements. We expect first-quarter 2016 reported production to be broadly flat with the fourth quarter 2015. Oil prices continue to be challenging in the near term
No comments :
Post a Comment