Before Tuesday’s opening bell, oil and gas company BP (BP ) reported a fourth quarter net loss due to the decline in commodity prices.
BP’s Earnings in Brief
- BP reported a net loss of $4.407 billion, compared to net income of $1.042 a year ago.
- The loss per ADS was $1.45, compared to earnings per ADS of 33 cents last year.
- Revenue totaled $75.096 billion, down from $95.096 billion last year.
BP’s CEO Bob Dudley commented: “We have now entered a new and challenging phase of low oil prices through the near and medium term. Our focus must now be on resetting BP.”
The company declared a 60 cent per ADS dividend to be paid on March 27.
According to BP’s CEO: “Every time the price of oil drops, the cost structure also drops, so we may still be able to sustain a dividend for long time even at low prices.”
Shares of BP were up 57 cents, or 1.43%, during pre-market trading Tuesday. The stock is up 4.56% YTD.
The Bottom Line
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