BP sinks to first loss in a decade on pandemic hit

BP Logo (PHOTO: Reuters)

BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, with fuel consumption continuing to slide so far this year amid global travel restrictions.

For the last quarter of 2020, BP reported a profit of $115 million, falling short of analysts’ forecasts due to weak oil and gas sales and subdued trading, it said on Tuesday.