BP is expected to announce a near 70% collapse in underlying profits on Tuesday as low oil prices continue to take their toll.
The headline figures will be even worse once one-off charges are included.
City energy analysts predict the British oil company will report that earnings in the last quarter of 2015 fell to $730m (£514m) from $2.2bn a year earlier.
But the full impact of the oil price fall could be much heavier as BP takes one-off writedowns on the value of its reserves.
It may also take further charges connected to the Deepwater Horizon accident from 2011 in which 11 workers died.
For 2015 as a whole BP is expected to report underlying profits of $6.4bn – almost half what they were in 2014.
The average price of Brent crude fell the last quarter from around $77 a barrel to $44 – a 43% fall – but the BP results have also been hit by other factors.