Net income: $6.7 billion loss versus $2.8 billion profit last year
Overall income: $16.8 billion loss versus $1.8 billion profit last year
Operating cash flow excluding payments towards Gulf of Mexico oil spill: $4.8 billion versus $8.2 billion last year
The company’s overall loss included a net post-tax charge of $10.9 billion for non-operating items, or activities not related to its core business.
“Our reset of long-term price assumptions and the related impairment and exploration write-off charges had a major impact,” chief executive Bernard Looney said in a statement.
While almost every part of BP’s business was hit hard due to the pandemic’s impact on fuel consumption, “oil trading delivered an exceptionally strong result,” the company said.
BP announced a new strategy to deliver its net-zero ambition including lowering of emissions by 30-35%, cut carbon intensity of products sold by more than 15%, and target a 40% decline in hydrocarbon production — all by 2030.
In order to “reinvent” its approach to energy sources, the company said it will not explore for oil in any new countries.
“In the years ahead, bp is going to significantly scale-up our low-carbon energy business and transform our mobility and convenience offers,” the company said.
“We will focus, and reduce, our oil, gas and refining portfolio.”