BP yesterday reported its first quarterly loss in more than seven years as a spreading global recession sapped demand for crude oil while TNK-BP, its troubled Russian unit, was hit by a $700million tax and foreign currency charge.
The $3.3 billion (£2.2billion) fourth-quarter loss by Britain's second-largest company, which compares with a $4.4billion profit a year ago, has compounded a mounting sense of crisis in the oil industry, which has been reacting to plunging oil prices in recent weeks by axeing projects and shedding thousands of employees. - The Times
The $3.3 billion (£2.2billion) fourth-quarter loss by Britain's second-largest company, which compares with a $4.4billion profit a year ago, has compounded a mounting sense of crisis in the oil industry, which has been reacting to plunging oil prices in recent weeks by axeing projects and shedding thousands of employees. - The Times
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