07 February 2012 07:50 [Source: ICIS news]
SINGAPORE (ICIS)--BP reported on Tuesday a 41.5% year-on-year fall in its replacement cost profit before interest and tax at its refining and marketing division to $564m (€429m) in the fourth quarter of last year, partly because of lower margins.
The segment’s profit before interest and tax for the December quarter 2011 fell by 71.2% year on year to $657m, the UK-based energy major said in a statement.
“The fourth quarter saw continued strong operations with our refinery utilization remaining well above the industry average,” it said.
“Compared with the same period last year, our result benefited from an improved contribution from supply and trading relative to the fourth-quarter loss in 2010 and our ability to access WTI-priced crude grades in the ?xml:namespace>
But these positive factors were offset by reduced refining margins, lower petrochemicals margins and foreign exchange impacts, the company added.
The segment’s fourth-quarter results also included net non-operating charges of $140m, compared with non-operating gains of $86m in the same period a year earlier, the company said.
For the full year of 2011, BP’s refining and marketing division’s replacement cost profit before interest and tax slipped by 1.5 % to $5.47bn, while its profit before interest and tax grew by 10% to $7.96bn.
Meanwhile, BP's overall fourth-quarter replacement cost profit was $7.61bn, up by 65% year on year.
For the full year of 2011, BP posted an overall replacement cost profit of $23.9bn, compared with a loss of $4.91bn a year earlier.
($1 = €0.76)
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