BP's quarterly net loss 2020
In the fourth quarter of 2020, BP reported a net profit of nearly 1.4 billion U.S. dollars. 2020 was an immensely difficult year for the oil industry. Demand for transport fuels tumbled and oil benchmarks slumped to historic lows. As a result oil companies like BP have reported some of their largest losses ever. In the second quarter of 2020, the United Kingdom-based oil supermajor recorded a net loss of nearly 17 billion U.S. dollars. However, while BP was able to make net profits in the last quarter of the year, its competitor ExxonMobil's quarterly net loss fell to over 20.6 billion U.S. dollars.
