BP fourth quarter profit drops

BP, Europe’s second-largest oil company, said fourth-quarter profit fell from a year earlier as output declined and refining margins weakened.

4th February, 2014
BP’s production in the quarter fell 1.9 per cent to 2.25 million barrels of oil equivalent a day.

BP, Europe’s second-largest oil company, said fourth-quarter profit fell from a year earlier as output declined and refining margins weakened.

Profit adjusted for one-time items and inventory changes dropped to $2.8 billion from $3.9 billion a year earlier, the London-based company said in a statement. That matched the average estimate of 12 analysts surveyed by Bloomberg.

BP follows Royal Dutch Shell and Exxon Mobil, the two biggest oil companies by market value, in reporting lower earnings...

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