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BP Plc Q4 Underlying RC Profit Falls - Quick Facts

BP Plc (BP.L,BP_UN.TO,BP) reported fourth quarter profit to shareholders of $1.36 billion, compared to $19 million, prior year. Earnings per ADS was $0.40 compared to $0.01. The reported result included $2.3 billion gain on disposal from the sale of the company's petrochemicals business. Underlying replacement cost profit was $115 million, compared to $2.57 billion, a year ago. Underlying RC profit per ADS was $0.03 compared to $0.76.

Fourth quarter sales and other operating revenues declined year-on-year to $44.79 billion from $71.11 billion. Total revenues and other income was $48.57 billion compared to $72.17 billion.

For the full year, underlying replacement cost loss was $5.69 billion, compared to profit of $9.99 billion, last year. Full year sales and other operating revenue declined to $180.37 billion from $278.40 billion. Total revenues and other income was $183.50 billion compared to $282.62 billion.

BP announced a quarterly dividend of 5.25 cents per ordinary share ($0.315 per ADS), which is expected to be paid on 26 March 2021.

Net debt at 31 December 2020 was $38.9 billion, compared to $45.4 billion a year ago. Net debt was down $1.4 billion over the quarter.

"We remain on track to meet our target of $35 billion between the fourth quarter of 2021 and first quarter of 2022, which will trigger the start of share buybacks, subject to maintaining a strong investment grade credit rating," said Murray Auchincloss, CFO.

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