BP reports worst annual loss in at least 20 years

A BP logo is seen at a petrol station in London January 15, 2015. REUTERS/Luke MacGregor/FilesThomson ReutersA BP logo is seen at a petrol station in London

LONDON (Reuters) – BP on Tuesday reported an annual loss of $6.5 billion (4.5 billion pounds) in 2015, its worst in at least 20 years as the British oil and gas company struggled with a sharp downturn in the oil market.

Underlying replacement cost profit, BP’s definition of net income, for the fourth quarter of 2015 came in at $196 million, significantly lower than analysts’ expectations of $730 million.

Fourth-quarter impairments were $2.6 billion due to low oil prices.

“We are continuing to move rapidly to adapt and rebalance BP for the changing environment,” said BP Chief Executive Bob Dudley in a statement.

(Reporting by Ron Bousso; editing by Jason Neely)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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