Fourth-Quarter Results Demonstrate BP Is Hitting Its Marks on Path to Long-Term Targets
BP reported fourth-quarter results that demonstrate it is on track with its long-term plans, and we are leaving our fair value estimate and narrow moat rating unchanged. Earnings for the period increased to $3.5 billion from $2.1 billion a year ago thanks to improvements in its upstream and downstream segments. Upstream earnings rose to $3.9 billion from $2.2 billion last year on higher oil prices, continued low operating costs, and a 1.8% increase in production. Adjusted for portfolio effects, ...
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