BP has bounced back from a record US$6.7 billion loss in the second quarter of the year to make $100 million in profit in the third quarter, as oil companies begin to recover from the impact of the COVID-19 pandemic. The British company’s latest financial results...
BP has declared that global oil demand may never exceed the level reached in 2019, following the impact of the COVID-19 pandemic this year and an acceleration in the green energy transition. In its annual Energy Outlook report, BP said that ‘peak oil’ may have been...
Saudi Aramco has reported a 73% plunge in profit for the second quarter of 2020, when the COVID-19 pandemic precipitated a collapse in demand for oil as economies around the world went into lockdown. However, the Saudi state-owned energy giant maintains it will pay out US$75...
BP has cut its prized investor dividend in half after reporting a record US$6.7 billion loss in the second quarter of the year, when the COVID-19 pandemic destroyed fuel demand and oil prices. On Tuesday, the British oil major announced that it will "reset" its shareholder...
Oil prices built by more than 2% on Monday based on confidence in OPEC+ members complying with a record production cuts agreement and reported signs of rising oil demand. However, the gains were tempered by lingering fears of a fresh wave of COVID-19 infections as lockdown...
BP has informed its staff that 10,000 jobs will be cut following the crash in oil prices earlier this year and as the company prepares for the energy transition towards lower carbon emissions. The oil giant will let go of 14% of its workforce, mostly those...
BP said yesterday it had amended financial terms of the US$5.6 billion sale of its Alaska business to privately owned Hilcorp Energy following the collapse in oil prices due to the COVID-19 outbreak. The original sale price will not be changed under the new terms, but...
BP’s 50%-owned solar energy firm Lightsource BP yesterday closed a US$250 million financing package for a US-based project, while fellow oil major Total followed suit in confirming a deal to acquire a French wind power company. Despite fears surrounding the potential impact of the COVID-19 outbreak,...
BP has announced it will sever ties with three US industry lobby groups, citing disagreements with their climate policies. The oil and gas major will end its associations with the American Fuel and Petrochemical Manufacturers (AFPM), the Western States Petroleum Association (WSPA) and the Western Energy...
BP’s new chief executive Bernard Looney yesterday announced plans to become a net zero emissions company by 2050 or sooner, in what would be a drastic reorganisation of the global oil giant’s business. Along with absolute net zero commitments across all of BP’s operations, the company...