{"id":5210,"date":"2015-02-03T07:22:03","date_gmt":"2015-02-03T12:22:03","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5210"},"modified":"2015-02-03T07:22:03","modified_gmt":"2015-02-03T12:22:03","slug":"bp-makes-1bn-loss-as-oil-prices-slump","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5210","title":{"rendered":"BP makes $1bn loss as oil prices slump"},"content":{"rendered":"
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BP makes $1bn loss as oil prices slump<\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n
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Company faces losses, share-price fall and more fines over Deeepwater Horizon spill with underlying profits likely to take a hit<\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n

BP<\/a>\u00a0has crashed to a $1bn loss in the final quarter of the year as low oil prices and more writedowns hammered its results.<\/p>\n

Its chief executive, Bob Dudley, warned the industry had now entered a \u201cchallenging new phase\u201d of reduced crude prices clearly signalling he expected no quick bounce back for the value of Brent.<\/p>\n

The $969m (\u00a3645m) replacement cost loss in the final three months of the year compared with a profit of $1.5bn for the same period last year. The underlying replacement cost loss \u2013 a \u201cclean\u201d figure preferred by analysts \u2013 came in at $2.2bn, compared to $2.8bn last time.<\/p>\n

Shares in BP fell over 2% in early trading despite the company raising the dividend for investors to 10c.<\/p>\n

The troubled oil company, which has in the past been a subject of takeover speculation, said it would be slashing its spending for 2015 to $20bn, down from a target of over $24bn in 2014.<\/p>\n

BP also revealed it had so far spent $43.5bn on fines and other liabilities resulting from the Gulf of Mexico blowout. The company admits it could still face charges of $13.7bn under a Clean Water Act but is hopeful it can avoid this.<\/p>\n

\u201cWe have now entered a new and challenging phase of low oil prices through the near and medium term,\u201d said Bob Dudley, BP group chief executive.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

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BP makes $1bn loss as oil prices slump Company faces losses, share-price fall and more fines over Deeepwater Horizon spill with underlying profits likely to take a hit BP\u00a0has crashed to a $1bn loss in the final quarter of the year as low oil prices and more writedowns hammered its results. Its chief executive, Bob […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[2272,2268,3156,1775],"class_list":["post-5210","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-bp","tag-british-petroleum","tag-deepwater-horizon","tag-oil-price-collapse"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5210"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5210\/revisions"}],"predecessor-version":[{"id":5211,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5210\/revisions\/5211"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}