BP Slips To RC Loss In Q4 On Weak Revenues; Sees Lower Production In FY20

(RTTNews) - British energy giant BP Plc. (BP.L, BP_UN.TO, BP) reported Tuesday that its fourth-quarter replacement cost or RC loss was $4 million, compared to last year's profit of $2.72 billion.

RC loss per ordinary share was 0.02 US cents, compared to profit of 13.58 cents a year ago. RC loss per ADS was $0.00, compared to $0.81 last year.

Underlying RC profit was $2.57 billion, compared to $3.48 billion a year ago. Underlying RC profit per ordinary share was 12.67 cents, compared to 17.38 cents last year. Underlying RC profit per ADS was $0.76, down from $1.04 in the prior year.

Profit for the period attributable to BP shareholders was $19 million, down from $766 million a year ago.

Total revenues and other income declined to $72.17 billion from $76.89 billion lat year. Upstream production for the fourth quarter, which excludes Rosneft, was 2,698mboe/d, 2.7 percent higher than a year earlier.

Further, BP announced a quarterly dividend of 10.5 cents per ordinary share or $0.63 per ADS, which is expected to be paid on 27 March 2020.

Looking ahead, the company expects first-quarter 2020 reported production to be lower than fourth-quarter 2019 due to the impact of ongoing divestment programme and planned seasonal maintenance and turnaround activities.

For fiscal 2020, the company expects production on a reported basis to be lower than 2019 due to declines in lower margin gas basins and the impact of the ongoing divestment programme. Underlying production also would be lower.