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Massive losses should be a warning to big oil that its bonanza is over

Covid has battered the industry, and the race for renewables is speeding up. We are at a tipping point The final months of 2020 were a tough end to a tough year, according to BP’s chief executive. But Bernard Looney’s verdict on the worst financial year in the industry’s history is a devastating understatement. It was a period marked by thousands of job cuts, battered dividend policies and record multibillion-dollar losses.BP revealed a full-year loss of $18bn, its first since the Deepwater Horizon disaster more than a decade ago, while US oil giant ExxonMobil reported an annual loss of $22.4bn… Source – Full Article https://www.theguardian.com/business/2021/feb/07/massive-losses-should-be-a-warning-to-big-oil-that-its-bonanza-is-over