August 4, 2020

Oil giant BP plunges into $16.8-bn quarterly loss

London (AFP) – BP plunged into a quarterly net loss of almost $16.85 billion as the coronavirus pandemic ravaged oil demand and prices, triggering huge asset writedowns, the British energy giant announced Tuesday.The company responded by cutting its dividend for the first time since the Deepwater Horizon oil rig disaster in 2010 that damaged BP’s finances and reputation.”The ongoing severe impacts of the COVID-19 pandemic continue to create a volatile and challenging trading environment,” BP said in Tuesday’s earnings statement.”Looking ahead, the outlook for commodity prices and product deman…


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