The lubricants unit, which markets finished lubes around the world under its Castrol and BP brands, posted an underlying replacement cost profit of $818 million before interest and tax for the 12 months of 2020, down from $1.3 million in 2019. Sales volumes were off by 15%.
For the fourth quarter the business made a profit of $262 million, down from $333 million during the same period of 2019.
The company said it worked to expand its service offerings in 2020, expanding the number of independent Castrol-branded automobile workshops from 4,000 to 28,000 globally.
Overall BP reported a loss of $20.3 billion in 2020, compared to a profit of $4 billion in 2019. Its performance did improve significantly as the year progressed as it posted a profit of $1.3 billion for the fourth quarter.