BP Cites Low Oil Prices in $3.3 Billion Loss, as Industry Toll Mounts

[tomm2thumbs]

Source: NYTimes

For all of 2015, BP said it lost $6.48 billion, compared with a profit of $3.78 billion in 2014, before the plummeting price of oil began taking its full toll. The stock of the British company plunged on the news, down more than 7 percent through midmorning trading in London. Petroleum futures were off, too, as investors and analysts awaited the fourth-quarter results later on Tuesday from ExxonMobil, the industry’s biggest player. Despite oil’s per-barrel price being in the low $30s, down from levels above $65 as recently as May, ExxonMobil is still expected to post a profit for its fourth quarter. <snip>

BP, on Tuesday, repeated a commitment it made last month to cut 4,000 jobs this year in its exploration and production unit, which lost $728 million in the quarter. BP also said it would trim about 3,000 workers from its marketing and refining business by the end of 2017. Before those cuts, BP had a global work force of about 80,000. The company also said that, in response to plunging prices, it wrote down the value of its oil and gas assets by $1.6 billion in the quarter. Hoping to keep more investors from fleeing, BP said on Tuesday that despite its financial losses it would keep its dividend unchanged at 10 cents per share.

“All of this underpins our commitment to sustaining our dividend,’’ the company’s chief executive, Robert W. Dudley, said in a news release.

Read more: www.nytimes.com/2016/02/03/business/energy-environment/oil-company-earnings.html

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Profits before people... that look is so unbecoming. BP 'trimming workers' like some hedges around the yard, and then throwing cash at investors. Yes, they are living up to the oil industry reputation.

[ErisDiscordia]

1. Couldn't happen to a more deserving company

[Dustlawyer]

5. It's bitter sweet.

BP has stalled paying the victims because they want to spread out payments over a long time to keep their dividend up and the CEO's pay/bonus high. This affects victims who have waited 6 years and now must wait some more. We asked that the government hold off collecting the fine until the victims were paid, but they declined. They even allowed BP to deduct most of their payments to the government so that taxpayers pay most of the settlement. Obama could have made them resolve the litigation before being allowed to drill again, but their money was too much!

The victims always come last. We really need Bernie to win and get us Publicly Funded Elections. Crap like this wouldn't happen if BP couldn't bribe the politicians!

[wordpix]

2. about time this company goes under for what it did to the Gulf

I thought the BP stood for "Beyond Petroleum," lol. BP execs dropped that meme after the oil spew.

Hate to see anyone lose jobs but BTW, what do execs make in salary and benefits at BP?

[LittleGirl]

3. And how many billions of profit

have they enjoyed for a decade? Don't feel sorry one bit for those bastards. Not one.

[pampango]

4. It hurts Big Oil and oil-exporting countries. Live by the oil, die by the oil. n/t

[silvershadow]

6. Which is why they should have paid their debt to us up front. nt

[daleo]

7. Maybe if they would have diversified out of oil

And into renewables, like they said they would...