LONDON — Energy giant BP on Tuesday reported a weaker-than-expected full-year net loss, following a tumultuous 12-months in which the global oil and gas industry faced a torrent of bad news.
The U.K.-based oil and gas company posted a full-year underlying replacement cost loss, used as a proxy for net profit/loss, of $5.7 billion. That compared with a net profit of $10 billion for the 2019 fiscal year.
Analysts polled by Refinitiv had expected a full-year net loss of $4.8 billion.
BP also posted fourth-quarter net profit of $115 million, missing analyst expectations of $285.5 million.
The company said its full-year results were driven by lower oil and gas prices, significant exploration…