Baku, February 7, Nihad Budaqov, AZERTAC
Oil giant BP says fourth-quarter earnings more than doubled as it made progress adjusting to lower energy prices, according to AP.
Underlying replacement cost profit rose to $400 million from $196 million in the same period last year. The figure, which excludes non-operating items and fluctuations in the value of inventories, is the industry's preferred measure. Net income was $497 million compared with a loss of $3.31 billion a year earlier.
CEO Bob Dudley said Tuesday that BP delivered ``solid results in tough conditions.'' Oil companies have been selling assets and cutting costs to adjust to lower prices. Brent crude, the international benchmark, averaged $44 a barrel last year, the lowest in 12 years.
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