Energy giant dips

Lower oil and gas prices hit BP profits as Dudley steps down

BP

Lower prices at the pumps

BP saw its fourth quarter profits fall by 26%, reflecting weaker global oil and gas prices.

Underlying replacement cost profit for the fourth quarter was $2.6 billion against $3.5bn last time, but higher than a forecast of $2.1bn.

The full year came in at $10bn compared to $12.7bn a year earlier.

Despite the fall, the company has boosted its quarterly dividend payout by 2.4% to 10.5 cents per ordinary share ($0.63 per ADS). The corresponding amount in sterling will be announced on 16 March.

BP expects full year production to be lower than 2019 due to declines in lower margin gas basins and the impact of the ongoing divestment programme.

The figures are the last reported by Bob Dudley who is replaced as chief executive by Bernard Looney.

Mr Dudley announced he would step down as CEO having held the position for almost a decade. The 64-year-old will retire on 31 March, bringing an end to his 40-year career with BP.

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