BP plunges into $20.3bn annual loss on virus fallout
- The loss contrasted sharply with net profit of $4.0 billion in 2019, the British energy major said, adding that the oil sector had been "hit hard" by the fallout from the Covid-19 crisis.
LONDON: BP reported Tuesday a huge $20.3-billion (16.8-billion- euro) net loss for last year, despite a slender fourth-quarter profit, as the coronavirus pandemic ravaged global energy demand.
The loss contrasted sharply with net profit of $4.0 billion in 2019, the British energy major said, adding that the oil sector had been "hit hard" by the fallout from the Covid-19 crisis.
The London-listed giant said the loss was driven by tumbling oil and gas prices, as well as by significant impairments and exploration write-offs during a tumultuous year for the energy industry.
However in the fourth quarter, net profit hit $1.36 billion after the sale of BP's petrochemical business to privately-owned rival Ineos for $5.0 billion.
BP launched plans last year to axe about 10,000 jobs or 15 percent of its global workforce under a cost-cutting drive that ends in 2021, and embarked upon major asset disposals after coronavirus sparked huge asset writedowns.
Comments
Comments are closed for this article.