- Grappling with a collapse in crude prices, BP has reported its worst annual loss in 20 years, even weaker than its 2010 results that included the costs of the Gulf of Mexico oil spill.
- For 2015 as a whole, the company announced a loss of $6.5B. On an underlying basis, Q4 replacement cost profit came in at $196M, down from $2.2B a year earlier, and well below analyst estimates.
- BP is also aiming to reduce its global oil production, or upstream, headcount by 4K-20K as it undergoes a $3.5B restructuring program.
- BP -8.3% premarket
- Previously: BP reports Q4 results (Feb. 02 2016)