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BP plc

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BP plc’s earnings and revenues in the fourth quarter of 2015 declined year over year. This was mainly due to lower commodity realizations. Furthermore, lost reserves/production from the group's asset sales cannot be ignored either. Looking forward, BP projects a weaker refining environment on the back of narrowing crack spreads. Headwinds from a number of global macro issues are also concerns going forward, including sovereign debt risks, defaults on sovereign credits and changes in U.S. policies. Considering these issues, we expect BP to perform below the industry, which gives investors little reason to hold the stock.

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