BP stems its losses for the quarter as it puts impairments behind it

BP has managed to stem it losses, posting a loss for the quarter of $0.5bn compared to a loss of $16.8bn for the prior quarter.

The reason for the significant reduction in losses is due to BP not recording further significant write-offs and impairment charges realted to COVID-19.

A $5bn sale of its petrochemicals business is due to be completed by the end of the year it looks to to generate $25bn from divestment activities by 2025.

Despite the headwinds facing BP, it has maintained to pay shareholders a dividend with a 5.25 cents per ordinary share once again confirmed.

Looking forward, BP is still uncertain of what lies ahead due to the pandemic, however it noted that there was a strengthening demand from Asia.

In a bid to cut operating costs, BP is also embarking on a mass headcount reduction programme with around 10,000 positions being reduced by the end of this year.

Following the third quarter update, the share price of BP edged up a 2-3% and was trading at 205p.

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