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BP s weak quarter shows big oil has barely begun COVID recovery Laura Hurst, Bloomberg News Fuel prices on a sign at a BP gas station in Louisville, Kentucky, U.S., on Friday, Jan. 29, 2021. BP Plc is scheduled to release earnings figures on February 2. Photographer: Luke Sharrett/Bloomberg , Bloomberg âBP Plc offered more evidence that Big Oil has barely begun to heal the wounds from last yearâs historic slump. The Western worldâs largest energy producers were supposed to be sailing into the fourth-quarter earnings season with a tailwind from stronger commodity prices, but BPâs miss, Exxon Mobil Corpâs US$19 billion writedown and Chevron Corp.âs surprise loss show the enduring impact of the COVID-19 pandemic. Earnings fell short of expectations mainly due to weak fuel sales and refining margins. ....
BP posts weak Q4 results as coronavirus recovery drags on By Laura Hurst on 2/2/2021 LONDON (Bloomberg) BP offered more evidence that Big Oil has barely begun to heal the wounds from last yearâs historic slump. The Western worldâs largest energy producers were supposed to be sailing into the fourth-quarter earnings season with a tailwind from stronger commodity prices, but BPâs miss and Chevronâs surprise loss show the enduring impact of the Covid-19 pandemic. Earnings fell short of expectations mainly due to weak fuel sales and refining margins. BP eked out a modest profit, but it was just a fraction of typical pre-pandemic levels. Cash flow, which failed to cover dividends and capital expenditure despite deep cuts to both, raised more fundamental questions about the companyâs ability to sustain investor returns. Shares fell 4%. ....