LONDON: British Petroleum (BP) reported Tuesday that it tumbled into a massive $20.3-billion (16.8-billion- euro) net loss last year, despite a slender fourth-quarter profit, as the coronavirus pandemic ravaged global energy demand.
\nThe enormous 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 Covid-19 crisis.
\nThe London-listed giant said the loss was driven by tumbling oil and gas prices, as well as significant impairments and exploration write-offs during a tumultuous year for the energy industry.
\nHowever in the fourth quarter — the three months to December — net profit hit $1.36 billion after the sale of BP’s petrochemical business to privately-owned rival Ineos for $5.0 billion.
\nBP last year axed almost 10,000 jobs or 15 percent of its global workforce and embarked upon major asset disposals after the pandemic caused huge asset writedowns.<\/p>\n","protected":false},"excerpt":{"rendered":"
LONDON: British Petroleum (BP) reported Tuesday that it tumbled into a massive $20.3-billion (16.8-billion- euro) net loss last year, despite a slender fourth-quarter profit, as the coronavirus pandemic ravaged global energy demand. The enormous 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 Covid-19 crisis. The London-listed giant said the loss was driven by tumbling oil and gas prices, as well as significant impairments and exploration write-offs during a tumultuous year for the energy industry. However in the fourth quarter — the […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-398805","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/398805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=398805"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/398805\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=398805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=398805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=398805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}