British oil major BP reports sharp drop in fourth-quarter profit, vows strategy reset

British oil major BP reported a sharp drop in fourth-quarter profit due to weaker refining margins, with underlying replacement cost profit at $1.169 billion. The company announced a $1.75 billion share buyback and a plan to “fundamentally” reset its strategy. Despite a 48% decrease in RC profit, BP launched a share buyback, with analysts questioning whether the company will reduce its buyback program in the future.

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