http://www.cbs58.com/story/31117080/bp-to-cut-7000-jobs-after-posting-huge-loss
The company posted an annual loss of $5.2 billion, compared with a
profit of $8.1 billion in 2014.Much of the reversal was due to charges
relating to the fallout from the 2010 Gulf of Mexico disaster, but the
steep fall in oil and gas prices played a big part too. Stripping out
one-off charges, profits slumped by 50% to $5.9 billion.
BP is the
first big European oil company to report 2015 results after prices
of crude dropped 35% last year. The earnings were worse than expected
and shares in BP slumped more than 8% in London.
The company also
announced plans to cut 7,000 jobs by the end of 2017, 3,000 more than it
was expecting to shed just three weeks ago.
BP took a hit in the
fourth quarter due to restructuring charges and writedowns in its oil
and gas exploration and production business. It announced the job cuts
because of the tumbling oil prices.
BP
took charges of $12 billion related to the Gulf of Mexico oil spill in
2015. This takes the total bill for the disaster to $55.5 billion.
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