You are here

BP posts net loss of US$4.4b in Q4 2014

Loss is attributed mainly to US$5.5b in write-offs on the value North Sea and Angola assets due to lower estimates of reserves and falling oil prices

BP says that it will sharply reduce capital spending to roughly US$20 billion, cut exploration spending and postpone marginal projects.


BP on Tuesday reported a net loss of US$4.4 billion in the fourth quarter of 2014, attributed mainly to write-offs of about US$5.5 billion on the value of assets in the North Sea and Angola because of lower estimates of reserves and falling oil prices.

The results from the

Market voices on:

Powered by GET.comGetCom