British energy giant BP on Tuesday reported a net loss of $450 million for the third quarter, down very sharply on the previous quarter’s mammoth losses due to the coronavirus pandemic.
The loss after tax for the July-September period, helped by a slow recovery in oil demand and steadier prices, compared with a net loss of $16.85 billion in the second quarter.
“The underlying business performance in the (third) quarter remained resilient and we made substantial progress in strengthening our balance sheet,” BP chief financial officer Murray Auchincloss said in the earnings statement.
BP is axing 10,000 jobs, or 15 per cent of its global workforce, after the pandemic caused huge asset writedowns.
