BP keeps zero emissions plan as earnings dive

摘要

BP posted a 67% drop in earnings in the first quarter of 2020 as a result of the coronavirus-driven collapse in oil prices but reaffirmed its strategy of focusing on its most profitable oil and gas assets while overseeing a transition toward decarbonised energy. BP's net income, measured as net underlying replacement cost profit was $791 million, compared with $2.4 billion in the same period last year. The London-based supermajor promised to achieve another $2.5 billion in cost savings by the end of 2021, relative to last year, in response to the poor oil market outlook. BP had already announced plans to reduce annual capital spending to $12 billion, down 25% from guidance given in February.