Fickle commodity prices (and the small matter of a massive oil spill in the Gulf of Mexico) has lead BP to cut thousands of jobs.
BP is to cut another 7,000 jobs after reporting an annual loss of $6.5bn (£4.5bn), the worst in its history. Shares in the oil company dived 9% to 334p, wiping £6bn from the stock market value of the business, as the City digested the worse-than-expected results. Bob Dudley, the BP chief executive said investors were “overreacting” and seemed to have ignored the company’s strong cash flow. He blamed the annual loss, plus a fourth quarter deficit of $2.2bn, on the collapse in oil prices coupled with continuing fallout from the Deepwater Horizon disaster in the Gulf of Mexico. The group said it has set aside a further $440m over the last three months for liabilities associated with the Macondo accident bringing the total bill so far to $55bn.