BP Posts Higher Q4 Profits But Weak Refining Results (BP, XOM, CVX)

The Wall Street Journal reports that the profits of BP Plc (NYSE: BP) grew 68% in Q4. This can be attributed to higher oil and gas production. But share price fell by 4% due to lower than expected refining performance.

This is indicative of a scenario where large oil companies are posting higher profits and yet falling short of expectations on the back of weaknesses in the refining environment. In the case of BP, profits on the upstream part were higher by 66.3% on a year on year basis, which was dragged down to just $15 million against an expected $635 million due to weak refining.

But BP has done extremely well as stacked against peers with Exxon Mobil (NYSE: XOM) having 23% lower profits as compared to last year and Chevron (NYSE: CVX) losing $613 million in Q4 in its refining business.