BP profit sinks as epidemic pummels demand

BP’s fourth-quarter profit sank to $115 million, missing analysts’ forecasts, pummelled by continued weak energy demand due to the coronavirus epidemic and weak trading results.

On annual basis, BP sunk to a loss of $5.7 billion, its first in a decade after it wrote down the value of oil and gas assets by $6.5 billion as a result of sharply lowering its long-term energy prices.

Its fourth-quarter underlying replacement cost profit, the company’s definition of net income, of $115 million fell short of the $360 million seen in a company-provided survey of analysts.

That compared with a $86 million profit in the third quarter and a profit of $2.6 billion a year earlier.

(This story corrects to show forecast was for a $360 million profit in paragraph 3)

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