Destitution

February 4th, 2009

Bad news on the oil front…

BP Plc (BP.L) missed analysts’ forecasts with a 24 percent drop in fourth-quarter replacement cost net profit to $2.59 billion, due to a collapse in oil prices and a big loss at its Russian unit.

Chief Executive Tony Hayward said the oil major was responding to weaker crude prices by intensifying his efforts to cut costs and jobs, echoing similar comments rival Royal Dutch Shell Plc (RDSa.L) made to staff last week.

That’s right. BP only made $2.59 billion in profits. What are they going to do now? They’re destitute.

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Posted in Financial News

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