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British Oil Giant Ends Year with Billions in Losses

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The British oil giant BP for the first time in ten years ended the year with a loss

At the end of 2020, a net loss was $ 20.31 billion after a profit of $ 4.03 billion a year earlier, the company said in a report.

The company recorded an annual loss, adjusted for the cost of replacing inventories, in the amount of $ 5.69 billion (profit $ 9.99 billion a year earlier).

BP’s revenue decreased by 35%, to $ 180.37 billion in the past year.

The company’s net debt at the end of 2020 was $ 39 billion, down $ 1.4 billion in the fourth quarter and $ 6.5 billion for the full year. BP continues to aim to cut debt to $ 35 billion by the fourth quarter of 2021 or the first quarter of 2022.

This year’s poor performance was driven by low oil and gas prices, high write-downs for exploration costs, and lower tax deductions.

Oil production by the company in 2020 decreased by 8.1% and reached 3.47 million barrels per day.

At the end of the 4th quarter of 2020, the company’s debt amounted to $ 39 billion. 

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