BP Reports Sharply Lower Earnings as Oil Prices Slide

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Behind the NumbersThe sharp drop was largely due to lower prices for the oil and natural gas that the company produces and sells. Energy prices soared in the previous spring after Russia’s invasion of Ukraine, generating huge profits for oil companies. Since then, all major energy companies have been hit by lower prices, but BP’s earnings fell more proportionally than those of other large oil companies like Chevron and Shell.In an interview, BP’s chief executive, Bernard Looney, attributed the results to weak profits from products like diesel fuel as well as planned maintenance outages at its refineries. “There’s really no more to the story than that,” Mr. Looney said.In a reminder of how important dividend payments from large …

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