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BP Announces $ 5.7 Billion Net Loss After "Brutal" Year

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The energy giant BP posted a lower-than-expected full-year net loss on Tuesday after a tumultuous 12 months in which the global oil and gas industry faced a torrent of bad news. The British oil and gas company posted an underlying loss of $ 5.7 billion, compared to a net profit of $ 10 billion for fiscal year 2019.

BP also earned a net profit in the fourth quarter of 115 million dollars, below the expectations of analysts, who expected 285.5 million dollars.

The company's results come as energy companies are trying to demonstrate to investors that they have stabilized thanks to rising commodity prices.

The oil and gas sector plummeted last year, when the coronavirus pandemic coincided with a historic demand crisis, falling commodity prices, evaporating profits, unprecedented write-offs, and tens of thousands of job cuts. It is likely to be known as the worst year in the history of oil markets, according to the director of the International Energy Agency.

The world's largest oil and gas companies are now trying to outpace it, pointing instead to the prospect of an economic rebound in 2021 and the hope of a recovery in fuel demand in the coming months.

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