British energy giant BP racked up a huge loss for 2020 due to the coronavirus pandemic as it makes the switch out of fossil fuels into renewables.
LONDON: BP reported Tuesday a huge $20.3-billion (609-billion-baht) net loss for last year, despite a slender fourth-quarter profit, as the coronavirus pandemic ravaged global energy demand.
The loss contrasted sharply with net profit of $4.0 billion in 2019, the British energy major said, adding that the oil sector had been “hit hard” by the fallout from the Covid-19 crisis.
The London-listed giant said the loss was driven by tumbling oil and gas prices, as well as by significant impairments and exploration write-offs during a tumultuous year for the energy industry.
However in the fourth quarter, net profit hit $1.36 billion after the sale of BP’s…
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