BP earns $12.1 billion in 2014, CEO sees ahead “challenging phase of low oil prices”
BP said that it earned $12.1 billion in all of last year compared with $13.4 billion in the previous year and that the company anticipates oil prices can remain low even into the medium term.
“We have now entered a new and challenging phase of low oil prices,” said Bob Dudley, BP group chief executive, according to a company news release published February 3.
“Our focus must now be on resetting BP: managing and rebalancing our capital programme and cost base for the new reality of lower prices while always maintaining safe, reliable and efficient operations,” he added
The company said it is now “taking action” to respond to the likelihood of oil prices remaining low into the medium term and to rebalance its sources and uses of cash accordingly.
