LONDON, June 15 — British energy giant BP said today that it will take a hit of up to US$17.5 billion (RM74.9 billion) in the second quarter as “sustained” coronavirus fallout ravages global oil demand. The company, fresh from outlining plans to axe almost 10,000 jobs on Covid-19...
British energy giant BP said today that it will take a hit of up to US$17.5 billion in the second quarter. — Reuters pic
BP also cut its long-term oil price forecast after the deadly virus outbreak slammed the brakes on the global economy and hurt oil prices this year. “As part of its long-term strategic planning, and in the context of its continuing focus on capital discipline, BP is also reviewing its intent to develop some of its exploration intangible assets.
“So, we have reset our price outlook to reflect that impact ... We are also reviewing our development plans. The London-listed energy major had announced plans one week ago to axe “close to 10,000” jobs, or almost 15 per cent of its global workforce.
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