BASF reported an 18% drop in earnings before interest and taxes in 2015 due to "significantly lower" oil and gas division earnings and weak margins in its petrochemicals division. Bloomberg notes that BASF’s energy division has long been a profit center that helped the company ride out periods of weak demand for its additives and building materials. BASF said it expects low oil and gas prices to persist this year and that it has reduced price assumptions for subsequent years.
Meanwhile, oil prices settled at $32 per barrel today, showing a slight recovery from last week on hopes that cooperation between Russia and OPEC could help reduce the global supply glut.
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