"BP Makes Record Loss And Axes 7,000 Jobs"

"£6bn wiped off stock market value of oil company as investors react to losses and increasing Deepwater Horizon liablities".

"BP is to axe 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 8.6% to 335p by the end of trading on Tuesday, wiping almost £6bn off the stock market value of the business, and helped drag down the wider FTSE 100 index of leading shares in London.

The poor financial performance of BP, followed by a 68% fall in quarterly profits from rival Exxon Mobil in the US and further weakness in the price of crude, depressed stock markets on both sides of the Atlantic on Tuesday. The FTSE 100 finished the day down 2.2% at 5922.01 points, while in New York, the Dow Jones fell more than 230 points, or 1.4%, in early trading."

Terry Macalister reports for the Guardian February 2, 2016.

SEE ALSO:

"Exxon Mobil’s Profits Fall and BP Cites Low Oil Prices in $3.3 Billion Loss" (New York Times)