Oil and gas behemoth BP plc (BP) reported a drop in profits on Tuesday due to oil spill-related charges.
The London, UK based company reported fourth quarter earnings of $1.25 per share, down from $1.58 per share last year.
Revenue for the quarter came in at $98.86 million, up from $96.34 million last year.
The decline in earnings is due to a drop in production, which fell as a result of asset sales. Additionally, the company is fulfilling obligations to pay billions of dollars in fines for the Deepwater Horizon oil spill.
Excluding oil spill related charges, BP reported earnings of $3.98 billion, down 20% from last year, but beating analysts’ estimate of $3.373 billion.
BP shares were up 64 cents, or 1.47% during premarket trading Tuesday. The stock has dropped -6% in the past year.
The Bottom Line
Shares of BP currently offer a 4.95% dividend yield, based on Monday’s closing price of $43.61 and the company’s annualized dividend payout of $2.16 per share.
BP plc (BP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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