BP returns to profit following loss from COVID-19 impact
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BP returned to profit in the second quarter, the British energy giant announced yesterday, having posted a hefty loss one year earlier as the pandemic crushed oil prices.
Net profit for April-June hit US$3.1 billion. That compared with a loss after tax of US$16.8 billion in the second quarter of 2020.
With demand for crude crashing as the coronavirus pandemic took hold early last year, oil prices plunged into negative territory.
They have since recovered with a bang, currently trading above US$70 per barrel.
Oil demand was recovering on 鈥渁 bright macroeconomic outlook, increasing vaccination roll-out and gradual lifting of Covid-19 restrictions around the world,鈥 BP said yesterday in its results statement.
鈥淭he expectation is that demand reaches pre-Covid levels sometime in the second half of 2022.鈥
In the wake of the pandemic, BP decided to axe about 10,000 jobs or 15 percent of its global workforce, while it embarked upon major asset disposals.
BP yesterday said it had completed deals on divestments totaling US$14.9 billion out of a target of US$25 billion.
It comes as Bernard Looney, who became BP chief executive when the coronavirus began taking hold worldwide, wants the company to achieve 鈥渘et zero鈥 carbon emissions by 2050. It hopes to achieve this with the help of an expected drop in oil and gas production that is pushing energy majors worldwide to up their game regarding cleaner, sustainable energy sources such as electricity and wind power.
鈥淲e are a year into executing BP鈥檚 strategy to become an integrated energy company and are making good progress 鈥 delivering another quarter of strong performance while investing for the future in a disciplined way,鈥 Looney said in yesterday鈥檚 results statement.
BP added that it was hiking its shareholder dividend and launching a buyback of shares totaling US$1.4 billion.
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