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02.02.2021

BP profit sinks amid weak energy demand

BP profit sinks amid weak energy demand

The company warned the ongoing coronavirus pandemic would continue to impact its performance

Stocks impacted: BP PLC (BP)

BP profit plunged to $115 million in the fourth quarter amid weak trading results and the coronavirus pandemic. The firm made a net profit of $1.36 billion in the three months to December 31, compared with a net loss of $450 million in the third quarter. The company also reported a weaker-than-expected full-year net loss. In particular, 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. Furthermore, the U.K.-based oil and gas giant warned the ongoing coronavirus pandemic would continue to impact its performance. BP declared a quarterly dividend of 5.25 cents a share, bringing the full-year payment to 31.50 cents, down from 41.00 cents in 2019. The company’s shares lost nearly 3.5% to start the session on Tuesday.

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