Data for BP’s quarterly financial reports show that it has been profitable for the past seven years.
But it is still not enough to make BP profitable.
The firm’s profits are down from the $1.5 trillion profit it earned in 2016.
The company has had to write down the value of its oil assets in the U.S. because of the global economic downturn, and it is now forced to write off the value in foreign currencies as well.
Brent crude prices have also plummeted, and BP said it could see a steep decline in earnings.
The company had been forecasting that earnings would rise.
“The outlook for the quarter is uncertain given the global nature of the economic environment,” BP said.
BP’s earnings per share for the fiscal year ended Sept. 30 was $2.42, down from $2,739 in the same quarter a year earlier.BEN RICHARDSON/AFP/Getty ImagesThe company is also struggling to compete against shale oil and gas producers.
It has been forced to reduce spending on new drilling rigs because of oil prices and its own poor performance.
In addition, it has had trouble getting customers to pay for new fuel, which it does not want to do.
It is also facing stiff competition from China.BP said that China has overtaken U.K. shale gas producers such as Shell and Total in the world’s second largest producer of oil and natural gas.
China, which is the world leader in natural gas production, has emerged as a major supplier of natural gas to the U