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Friday, March 1, 2024

BP reports its first full-year loss in a decade after ‘brutal’ year

  • BP posted a full-year underlying replacement cost loss, used as a proxy for net profit/loss, of $5.7 billion. That compared with a net profit of $10 billion for the 2019 fiscal year.
  • Analysts polled by Refinitiv had expected a full-year net loss of $4.8 billion.
  • BP CEO Bernard Looney described 2020 as a "pivotal year" for the company and the "toughest of my career."

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