<p> BP reported Tuesday that it tumbled into a massive $20.3-billion (16.8-billion- euro) net loss last year, despite a slender fourth-quarter profit, as the coronavirus pandemic ravaged global energy demand.</p>.<p>The enormous loss contrasted sharply with net profit of $4.0 billion in 2019, the British energy major said, adding that the oil sector had been "hit hard" by the Covid-19 crisis.</p>.<p>The London-listed giant said the loss was driven by tumbling oil and gas prices, as well as significant impairments and exploration write-offs during a tumultuous year for the energy industry.</p>.<p>However in the fourth quarter -- the three months to December -- net profit hit $1.36 billion after the sale of BP's petrochemical business to privately-owned rival Ineos for $5.0 billion.</p>.<p>BP last year axed almost 10,000 jobs or 15 per cent of its global workforce and embarked upon major asset disposals after the pandemic caused huge asset writedowns.</p>.<p>"2020 will forever be remembered for the pain and sadness caused by Covid-19. Lives were lost -- livelihoods destroyed," Chief Executive Bernard Looney said in a statement.</p>.<p>"Our sector was hit hard as well. Road and air travel are down, as are oil demand, prices and margins. It was also a pivotal year for the company.</p>.<p>"We launched a net-zero ambition, set a new strategy to become an integrated energy company and created an offshore wind business in the United States," Looney said.</p>.<p>"We began reinventing BP -- with nearly 10,000 people leaving the company. We strengthened our finances -- taking out costs and closing major divestments."</p>.<p>Tuesday's results were published one day after the company announced the sale of a 20-per cent stake in Oman's block 61 gas field to Thailand's state-controlled PTTEP for $2.6 billion. BP will retain a 40-per cent stake and continue to operate the block.</p>.<p>Under Looney, who took over the reins at BP a year ago as the pandemic began taking hold worldwide, the group is looking to raise $25 billion from asset sales by 2025.</p>.<p>After companies worldwide closed their doors and airlines grounded planes towards the end of last year's first quarter, oil prices dropped off a cliff, even turning negative at one point.</p>.<p>Prices then rebounded sharply and are currently trading above $50 per barrel.</p>.<p>Turning to the outlook, BP forecast an oil demand recovery this year but cautioned this would depend on vaccine rollouts and actions by governments and individuals worldwide.</p>.<p>"Oil demand is anticipated to recover in 2021. The speed and degree of the rebound depends on governments' policies and individuals' self-imposed actions as vaccine distribution proceeds," BP said.</p>
<p> BP reported Tuesday that it tumbled into a massive $20.3-billion (16.8-billion- euro) net loss last year, despite a slender fourth-quarter profit, as the coronavirus pandemic ravaged global energy demand.</p>.<p>The enormous loss contrasted sharply with net profit of $4.0 billion in 2019, the British energy major said, adding that the oil sector had been "hit hard" by the Covid-19 crisis.</p>.<p>The London-listed giant said the loss was driven by tumbling oil and gas prices, as well as significant impairments and exploration write-offs during a tumultuous year for the energy industry.</p>.<p>However in the fourth quarter -- the three months to December -- net profit hit $1.36 billion after the sale of BP's petrochemical business to privately-owned rival Ineos for $5.0 billion.</p>.<p>BP last year axed almost 10,000 jobs or 15 per cent of its global workforce and embarked upon major asset disposals after the pandemic caused huge asset writedowns.</p>.<p>"2020 will forever be remembered for the pain and sadness caused by Covid-19. Lives were lost -- livelihoods destroyed," Chief Executive Bernard Looney said in a statement.</p>.<p>"Our sector was hit hard as well. Road and air travel are down, as are oil demand, prices and margins. It was also a pivotal year for the company.</p>.<p>"We launched a net-zero ambition, set a new strategy to become an integrated energy company and created an offshore wind business in the United States," Looney said.</p>.<p>"We began reinventing BP -- with nearly 10,000 people leaving the company. We strengthened our finances -- taking out costs and closing major divestments."</p>.<p>Tuesday's results were published one day after the company announced the sale of a 20-per cent stake in Oman's block 61 gas field to Thailand's state-controlled PTTEP for $2.6 billion. BP will retain a 40-per cent stake and continue to operate the block.</p>.<p>Under Looney, who took over the reins at BP a year ago as the pandemic began taking hold worldwide, the group is looking to raise $25 billion from asset sales by 2025.</p>.<p>After companies worldwide closed their doors and airlines grounded planes towards the end of last year's first quarter, oil prices dropped off a cliff, even turning negative at one point.</p>.<p>Prices then rebounded sharply and are currently trading above $50 per barrel.</p>.<p>Turning to the outlook, BP forecast an oil demand recovery this year but cautioned this would depend on vaccine rollouts and actions by governments and individuals worldwide.</p>.<p>"Oil demand is anticipated to recover in 2021. The speed and degree of the rebound depends on governments' policies and individuals' self-imposed actions as vaccine distribution proceeds," BP said.</p>