Oil giant BP on Tuesday reported annual profit of 13.8 billion U.S. dollars for year 2023, down from the record-high 27.7 billion dollars in 2022 as energy prices fell, APA reports citing Xinhua.
The London-headquartered company's profit for the fourth quarter (Q4) of 2023 was 3 billion dollars, down from the 3.3 billion dollars for Q3, as the result reflects a strong gas marketing and trading result, higher oil and gas realizations, but also significantly lower industry refining margins, a weak oil trading result, among others.
Another oil giant Shell has also reported its annual profit of 28 billion dollars for 2023, down 30 percent from the previous year's record-high 39.9 billion dollars at a time when the global economy was weak and energy prices have cooled since the early months of the Ukraine crisis.
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