BP profit falls 80% as oil prices drop

But the oil giant reported a surprise profit due to strength in refining and trading

26th April, 2016
BP profit has fallen by 80%

Profit adjusted for one-time items and inventory changes fell to $532 million (€473 million) from $2.6 billion a year earlier, the London-based company said. Analysts had expected a loss of $244.9 million, according to the average of 12 estimates compiled by Bloomberg.

“Lower costs, strong refining operations and an improved supply and trading contribution more than offset the impact of the weaker refining environment and the seasonal reduction in fuels sales,” BP said in the statement.


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