London, Feb 2 (EFE) .- The oil company BP recorded attributed losses of 20,305 million dollars (16,812 million euros) in 2020, due to the collapse of oil prices due to the impact of the pandemic on the demand for “gold black”.
The company, which discloses its results in dollars because it is the currency in which crude is traded, reported on Tuesday that these losses contrast with the attributable profits obtained in 2019, when they reached 4,026 million dollars (3,333 million euros).
In a note sent to the London Stock Exchange, BP CEO Bernard Looney said that the oil sector was “severely hit” by COVID-19, after restrictions on air travel were imposed.
GROSS LOSSES AND DOWN INCOME
BP posted a pre-tax loss of $ 24,888 million (€ 20,607 million) in 2020, compared to $ 8,154 million (€ 6,751 million) in profit in 2019, the company added.
Total revenue reached $ 183.5 billion (€ 151.938 billion) in 2020, a 35% drop from the previous year.
Last year purchases reached 132,104 million dollars (109,382 million euros), a decrease of 36.9% compared to 2019, while production expenses stood at 22,494 million dollars (18,625 million euros) the year last, an increase of 3.1% compared to the previous period.
According to BP, distribution and administration expenses stood at 10,397 million dollars (8,608 million euros) in 2020, a decrease of 5.9% compared to the previous year.
According to the company, in the fourth quarter of 2020, income from divestments and other sales reached $ 4.2 billion (3.477 million euros), which included the completion of the divestment of petrochemicals.
FALL IN OIL PRICES
BP was hit by the collapse in the price of crude, which traded in April 2020 – at the beginning of the restrictive measures due to the pandemic – at $ 20 a barrel, well below the $ 70 at which it was trading at the beginning of that year. .
In recent weeks, crude has risen above $ 55 a barrel due to the hope of a recovery from the start of vaccinations against covid-19.
On the London futures market, the price of a barrel of Brent oil for April delivery rose 2.2% today and was trading at $ 57.63, the highest figure in eleven months.
On the London Stock Exchange, BP shares fell 3.29% in the session and traded at 258 pence (283 cents) per share.
SALE OF PARTICIPATION, DEBT AND NEW PROJECTS
In February this year, BP agreed to sell 20% of its stake in Block 61 in Oman for 2.6 billion dollars (2.152 billion euros), but subject to final adjustments.
The net debt of the oil company at the end of 2020 stood at 39,000 million dollars (32,292 million euros), and it is estimated that it will be increased in the first half of this year due to compensation, such as annual payments for the discharge of the Gulf of Mexico and payments after completing the joint wind energy business with Equinor, although for the second semester it expects to lower that debt.
BP started major projects in the fourth quarter, including Ghazeer in Oman, Vorlich in the UK and KG D6 R in India.
The company aims for zero carbon emissions by 2050 and has created a wind business in the United States.
Looking at the outlook for this year, BP envisions that production may be slightly higher than 2020 due to the impetus of new projects, especially in the gas sector.
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