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| Economy |
| BP looks ahead to $60 oil after $5.2bn annual loss |
| 2016-02-03 |
| [Telegraph] The oil major reported its worst loss in more than 20 years in the wake of the oil price collapse, but expects the market to 'rebalance' by the year end. BP expects to emerge from the oil market collapse by the end of 2016 even as the severe downturn in the oil market has left the energy giant nursing its worst annual loss in at least 20 years. In 2015, the oil major posted an annual loss of $5.2bn, compared to the $8.1bn profit the oil major recorded in the previous year, and will be forced to slash thousands of jobs on top of those already announced. The worse than expected financial results drove a share price sell off of over 8pc on Tuesday, driving BP's stock to levels almost 25pc lower on the year at 334 pence per share. But chief executive Bob Dudley said the market will begin to "rebalance" by third or fourth quarter to allow oil prices to correct to levels between $50-$60 per barrel by the end of the year. |
| Posted by:Besoeker |
| #8 Yep, they're 'creating' money faster than the drillers can find crude. |
| Posted by: Procopius2k 2016-02-03 20:57 |
| #7 At the current rate of real inflation, this should only take about eighteen months. The value of the oil doesn't go up, the value of the dollar goes down. |
| Posted by: ed in texas 2016-02-03 20:22 |
| #6 They haven't suspended performance bonuses. Our rig brought a well in way before scheduled, meaning they saved alot of money. No reason not to share some of that money with the people who made it happen. |
| Posted by: Silentbrick 2016-02-03 11:44 |
| #5 Two big changes will prevent this from happening - - No one can seriously argue constrained supply again in our lifetimes - China's economy is slowing, and may even go into a shallow recession. |
| Posted by: Iblis 2016-02-03 11:33 |
| #4 We'll be all right as long as Jon Corzine stays out of prison. |
| Posted by: Anguper Hupomosing9418 2016-02-03 08:29 |
| #3 Of course they'll suspend bonuses this year and next. Right? /rhet question |
| Posted by: Procopius2k 2016-02-03 08:04 |
| #2 I read once that most UK pensions are heavy owners of BP. Won't be a good year for the bottom line. |
| Posted by: BrerRabbit 2016-02-03 04:44 |
| #1 Delusional. But I guess you have to say something at the next shareholders meeting. |
| Posted by: Nguard 2016-02-03 03:51 |