BP reports Q3 net loss of US$450 million, down sharply from previous quarter

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. This matched the second-quarter payout, which had been halved from the first quarter – the first cut since the Deepwater Horizon oil rig disaster in 2010 that damaged BP's finances and reputation.

That has helped BP to reduce net debt to about US$40 billion, while it posted an underlying profit of US$86 million in the third quarter. He wants BP to achieve"net zero" carbon emissions by 2050, helped by an expected drop in oil and gas production that is pushing energy majors worldwide to up their game regarding cleaner, sustainable energy sources such as electricity and wind power.

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