BP Posts Sharply Lower Q4 Profit Amid Refining Margins Weakening
British oil major BP reported a sharp drop in fourth-quarter profit on weaker refining margins, despite announcing a $1.75 billion share buyback and pledging to “fundamentally” reset its strategy. The company attributed the 48% decline in underlying replacement cost profit (RC profit) to factors including weaker realized refining margins, higher impact from turnaround activity, and … Read more