22 days ago • Posted by William Ramstein

BP misses earnings, share price falls 9%

BP shows big oil is still suffering with an earnings miss. The firm is however profitable. BP’s fourth-quarter adjusted net income was $115 million, down from $2.57 billion a year earlier and only a slight improvement from the preceding three months. The company fell short of the average analyst estimate of $440 million. Operating cash flow excluding Gulf of Mexico spill payments, a key figure for investors as it determines the sustainability of dividend payments and capital expenditure, was much weaker. It fell to $2.4 billion in the period, down from $5.4 billion in the third quarter. Source: Bloomberg