EnergyWatch

BP just one million away from billion-dollar deficit

The British oil company fell short of analyst expectations in the fourth quarter and delivered the worst underlying result for the company in ten years.

Photo: BP/PR

BP earned USD 400 million in the fourth quarter last year, which is not only far below analyst expectations for a profit of USD 568 million for the year, but also significantly below the company's own forecast for earnings which have not been adjusted for non-operational items.

This type of item hits BP harder than most other companies. In particular because of the oil platform disaster on Deepwater Horizon which continues to deal financial blows to the British oil company. In part this is reflected in the interim report, where the so-called replacement cost result came to USD 72 million, but it is furthermore evident in the aggregate result for 2016 which came to a deficit of USD 999 million, according to the company's fourth quarter interim report Tuesday morning.

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