BP reports its first full-year loss in a decade after ‘brutal’ year

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…