• Natural Gas News

    BP Stays in Black in Q4 on Russian Gains


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

by: Joe Murphy

Posted in:

Complimentary, NGW News Alert, Natural Gas & LNG News, Europe, Corporate, Investments, Financials, Companies, Europe, BP, News By Country, United Kingdom

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.

For more information, click here.