Feb 2 (LNGJ) - UK major BP reported a full-year loss of $20.3 billion, including significant impairments and exploration write-offs taken in the second quarter, compared with a profit of $4.0 billion in 2019. BP’s 2021 outlook expects the US natural gas market to tighten as supply declines and demand for LNG exports recovers. “The current tightness on global LNG markets and higher US gas prices will lift other regional gas prices,” said BP.
A BP profit was posted in the fourth quarter of $1.4Bln versus a $500 million loss in the previous quarter thanks to a quarterly $2.3Bln one-time gain from the sale of BP’s petrochemicals business to INEOS of the UK. “At year-end net debt was $39Bln, down $1.4Bln over the quarter and $6.5Bln over the full year. Net debt is expected to increase in the first half of 2021, driven by severance payments, the annual Gulf of Mexico oil spill payment and payment following completion of the offshore wind joint venture with Equinor,” said BP.
