The second supermajor to report full-year results, BP, said today it had lost $5.7 billion last year because of the oil price slump and demand destruction caused by the coronavirus pandemic. Weaknesses in the gas market also contributed to the negative net result, BP noted in its filing, which compared with a profit of $10 billion for the previous year.
During the last quarter of 2020, the company eked out a profit, but it was below estimates due mostly to weaker downstream demand. The UK-based supermajor is among the most ambitious in the sector…BP Reports Massive Loss For 2020
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