Feb 2, 2021
BP profits drop 96% as pandemic hits energy demand
BP reported a 96 per cent drop in fourth-quarter profits as the pandemic's hit to energy demand endured and the company suffered from weaker trading results. BP said quarterly performance was "Significantly" hit by lower marketing performance in the downstream business, fuel sales under pressure because of the pandemic and weaker refining margins. BP, which returned to profit in the third quarter as crude prices and energy demand recovered, had already warned of a volatile outlook. The pandemic is accelerating a transformation of the oil company under chief executive Bernard Looney, who started in his role last February and pledged to turn BP into a net-zero emissions company by 2050. BP is selling assets and reshaping its business for a lower carbon future, which includes restructuring the company and cutting 10,000 jobs.
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