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    BP Stays in Black in Q4 on Russian Gains

Summary

Stronger performance at Rosneft more than offset weaker earnings at BP's other upstream and downstream activities.

by: Joe Murphy

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BP Stays in Black in Q4 on Russian Gains

BP has reported an underlying replacement cost (RC) profit of $115mn for the fourth quarter, up from a $86mn income in the previous three months but down from $2.57bn in earnings in Q4 2019.

Downstream RC profit before interest and tax slumped to $126mn from $636mn in Q3, while upstream income dropped to $697mn from $878mn. However, earnings from BP's 19.75% stake in Russian oil giant Rosneft surged to $311mn from a loss of $177mn in the previous three months. Losses from BP's other businesses and corporate activities narrowed to $89mn from $130mn.

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