This is sad, first loss in a decade. However, I believe that no one expected a better result.
https://www.reuters.com/article/us-bp-results/pandemic-drives-oil-major-bp-to-first-loss-in-a-decade-idUSKBN2A20M1
I wonder what will happen next. Unfortunately, I’m not very optimistic about the future. More cost cuts?
Sad for the people who left but also for the people that continues. Being forced to continue delivering with nule resources, training, expertise of the lost people.
Be honest, this was a elimination of higher experienced higher paid employees. Good luck you k–led 15% to 20% of labor force. Expect worse results next quarter. Looney is a shame of Leader, he just lies.
Board need to step up to the plate and fire Looney. Either that or the top 20 shareholders need to make a move and/or Exxon need to come in with an offer.
How can you have a CEO who is more worried about his image on Twitter than running an oil company?
I'm also a retired Amoco/BP. I agree completely with BP hire of people who are ignorant of the business. It was a "plug-in" model that would apply to Gas and Oil business, and in my opinion screwed us up. I'm glad I don't have to deal with this anymore. My thoughts are for those who are still in. Now they're going into alternatives? I still ask how they're going to make money? I've seen where BP's impatience has led to selling off projects pennies for the dollars because they weren't making money. Now they want to get back into those businesses?
I am a retired Amoco/BP employee and I can honestly say that the BP executives will never get it right. They hire Accenture yes men/women to become leadership team executives and they don’t know a damn thing about the oil business. I am impressed that BP is still in business.
The 1Q earnings will be important. If they're still struggling, my guess is that the BOD won't tolerate it. Exxon gained 2.7 and Chevron gained 1.3% while BP lost 6%. All of this happening with a +600 pt gained in the Dow.
Current leadership has overseen the greatest loss of human and financial capital the company has ever seen.
Is the board ready to get rid of this leadership team or watch BP continue to carve itself up for its competitors ?