Oil giant BP (NYSE: BP) finally saw the green again in its third quarter following a troublesome year due to covid-19. Nevertheless, the overall crisis persistently damaged demand for oil.
BP plc (NYSE: BP) stock was down 1.08% to $15.63 in the pre-market on Tuesday October 27, 2020. Its Revenue is down 56.36% to 31.55 billion.
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BP revealed in a report that underlying replacement cost profit, was $86 million in the latest quarter. It was a significant decline from $2.2 billion year over year, but a huge progress on its 2nd quarter loss of $6.7 billion. Before covid-19 outbreak BP planned sharp cuts in carbon emissions and it wants to big time reduce the amount of carbon in its products by 2050.
Chief executive Bernard Looney said that even with difficult surroundings, BP managed to perform quite efficiently and it would continue to pay a dividend to shareholders.
BP also revealed plans to sack 10,000 workers following massive plunge in demand for oil due to corona virus outbreak. The Energy sector Company also predicted lower oil prices for decades to come as governments surges plans to cut carbon emissions in the wake of the coronavirus crisis.
In order to become a lower carbon firm, earlier this year BP unveiled the proposed deal of selling its petrochemicals business to Ineos for reportedly $5 billion.
