Although the price of oil come climbing gradually due to the agreement between the OPEC cartel, some big oil and global oil companies still bemoan losses with the falls last year, such as Chevron and Exxon Mobil Corp., which had devastating results for the years 2015 and 2016.
The multinational of the United Kingdom, British Petroleum (BP), also recorded annual loss for the second consecutive year in 2016, however, the company reported that the loss of replacement cost, equivalent to net income number that American companies tend to report, had a reduction of $999 million in 2016, compared with a loss of $5.2 billion in the previous year.
The company also reported that it earned a small profit of $72 million in the four quarter of 2016, whereas in the same period in 2015, the company had a loss of $2.2 billion. The increases in the price of oil are promising and prosperous, however, many companies still pennant a sabbatical period until you can enjoy the real profits.
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