BP has suffered its first annual loss in nearly two decades after revealing that the Gulf of Mexico oil spill will cost it more than 40 billion US dollars (£25.2 billion).
The British energy giant recorded a full-year loss of 4.9 billion US dollars (£3.1 billion) in the year to December 31, compared with profits of 13.9 billion US dollars (£8.7 billion) in 2009, after the financial impact of the fatal Deepwater Horizon explosion was deducted.
But chief executive Bob Dudley said the embattled firm would resume its quarterly dividend payment – after it was suspended last summer – at seven cents (4p) a share, half the level of its last payment in April.
The company also revealed plans to sell two refineries in North America – including the company’s plant in Texas City, which was the site of a fatal fire and explosion in 2005.
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