Oil supermajor BP Plc. debts spike to five-year peak as pandemic plunders profit

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Oil supermajor BP Plc. debts spike to five-year peak as pandemic plunders profit

Earlier on Tuesday, the 28th of April 2020, the London-based British oil and natgas heavyweight BP Plc., ranked as the sixth-largest energy company across the globe among seven oil supermajors, had wheeped a holocaust at its first quarterly earnings’ report, as the UK-based multinational oil megalith’s Q1, 2020, operating profit had flumped more than 66 per cent compared to the same time a year earlier, while the debt pile of BP Plc.

employing more than 73,000 workers across the world as of December 31st, 2019, had spiked to its highest level in at least five years as a growing outcry over pandemic-driven demand concern had hammered down the profits of the British energy major.

Nonetheless, BP Plc. had kept its dividend unchanged despite repeated cautioning of an exceptional scale of uncertainty in the crude oil market amid a stubborn rise in US onshore drilling, which in effect had lifted the LSE-listed shares’ prices of BP Plc.

by 1.39 per cent to £318.32 per share in late-morning trading hours in London after falling as much as 3.19 per cent in pre-market trading. Meanwhile, adding that the company was anticipating an exceptionally lower refining profit margin during the second-quarter of the year and “significant uncertainties” linked to a tumbling oil price tagged near a record-low figure, BP Plc.’s newly appointed Chief Executive Bernard Looney, who took over the office less than a couple of months earlier, said to the reporters in a post-earnings’ call on Tuesday (April 27th), “I can see many reasons why this recovery will take longer and therefore I think we’re in this for quite some time”.