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BP reports 91 percent plunge in 4th quarter earnings

BP reports a 91 percent plunge in 4th quarter underlying replacement cost profit

BP reports 91 percent plunge in 4th quarter earnings

LONDON (AP) -- British oil company BP says fourth-quarter earnings plunged because of sharp declines in oil prices.

The company reported Tuesday that fourth-quarter underlying replacement cost profit fell 91 percent from the same quarter a year earlier to $196 million. The figures were reported using an oil industry accounting standard that takes into account fluctuations in the price of oil and excludes non-operating items.

Oil companies are slashing jobs and delaying investments as crude prices plummet. Brent crude, the benchmark for North Sea oil, fell 34 percent last year and hit a 12-year low of $27.10 a barrel in January. Brent traded at $34.13 on Monday and traded over $100 a barrel as recently as September 2014.

BP says its net loss narrowed to $3.3 billion from $4.4 billion a year earlier.

Updated : 2021-07-27 11:14 GMT+08:00