BP records highest profit in eight years in 2021

Reuters2022-02-08

LONDON, Feb 8 (Reuters) - BP reported on Tuesday a profit of $12.8 billion in 2021, the highest in eight years, as natural gas and oil prices soared and the global economy recovered from the pandemic slump.

The BP logo is seen at a BP gas station in Manhattan, New York City, U.S., November 24, 2021.

BP's underlying replacement cost profit, the company's definition of net earnings, reached $4.1 billion in the fourth quarter of 2021, exceeding analysts' expectations for a $3.93 billion profit.

That compares with $3.32 billion in profit in the third quarter and $115 million a year earlier.

For the year, BP reported a profit of $12.85 billion, compared with a loss of $5.7 billion in 2020, which came after BP wrote off the value of its oil and gas assets by $6.5 billion amid a slump in energy demand due to the pandemic.

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