BP slumps to $18bn loss as it counts cost of pandemic

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BP has reported an annual loss of $18.1bn (£13bn) after a year battered by the lower oil and gas prices.

The UK-based oil giant plunged into the red – compared to a profit of $3.5bn (£2.5bn) a year ago.

Bernard Looney, chief executive officer, said: “2020 will forever be remembered for the pain and sadness caused by Covid-19. Lives were lost – livelihoods destroyed.

“Our sector was hit hard as well. Road and air travel are down, as are oil demand, prices and margins. It was also a pivotal year for the company.

“We launched a net zero ambition, set a new strategy to become an integrated energy company and created an offshore wind business in the US.

“We began reinventing BP – with nearly 10 thousand people leaving the company. We strengthened our finances – taking out costs and closing major divestments.

““And through all of this, the underlying operations of the company remained safe – one of our safest years – and reliable, and major new projects were brought on line.

“I appreciate our team’s commitment to deliver the energy the world needed and am grateful for the support we received from investors and the communities where we work.

“We expect much better days ahead for all of us in 2021.”

The results cover a year when the price of a barrel of Brent crude averaged just under $42, compared with more than $64 a year earlier.





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