BP also reported a 91% decline in fourth-quarter earnings at $196 million from a year earlier profit of $2.24 billion due to the same reason. Another super-major oil producer, Exxon, followed suit as its profits tumbled by 58% for the last quarter to $2.78 billion from a year before.
LyondellBasell also revealed a worse-than-expected revenue for the last quarter, which fell 31% to $7.07 billion from a year prior. However, there was a slight improvement in the company’s profit at $795 million on a yearly basis.
French oil major Total is also likely to report an adjusted net profit close to $10 billion for 2015 down by more than 20% on the year, the company CEO said, before official results are posted on February 11. Shell already warned investors too on Jan 20 that fourth-quarter profit probably fell at least 42% from a year earlier while the official results are expected on February 4.