LONDON: British energy giant BP on Tuesday reported a net loss of US$450 million for the third quarter, down very sharply on the previous quarter’s mammoth losses due to the coronavirus pandemic.
“The underlying business performance in the quarter remained resilient and we made substantial progress in strengthening our balance sheet,” BP chief financial officer Murray Auchincloss said in the earnings statement. After companies worldwide closed their doors and airlines grounded planes at the height of the Covid-19 outbreak towards the end of the first quarter, oil prices dropped off a cliff, even briefly turning negative.BP on Tuesday announced a quarterly dividend of US$5.25 per share.
“Funding the dividend remains our first priority and we are confident in moving towards our US$35 billion net debt target, supported by value accretive divestments,” Auchincloss said.
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