UK oil company reports a record loss as the coronavirus crisis hammered energy demand. FMTNews
LONDON: BP plunged into a net loss of almost US$16.85 billion in the second quarter, the British oil giant announced Tuesday, as the coronavirus pandemic ravaged demand for oil, sending prices tumbling.
The quarterly loss after tax of almost US$16.85 billion compared with net profit of US$1.82 billion in the second quarter of 2019, BP said. Switching from an international oil company to an “integrated energy company”, BP said that over the next decade its oil and gas production is expected to reduce by at least one million barrels of oil equivalent a day, or 40% when compared with 2019 levels.
In the immediate future, BP must rebuild its finances and Looney has already decided to axe around 10,000 jobs, or 15% of its global workforce owing to the coronavirus fallout on energy demand and prices.
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