BP Reports Biggest Ever Annual Loss
BP shares slide 8 pct after results miss forecasts. BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade. The British oil and gas company, which is still grappling with about $55 billion of costs from the oil spill in the Gulf of Mexico in 2010, said it would cut 7,000 jobs by the end of 2017, or nearly 9 percent of its workforce. BP said it lost $6.5 billion in 2015 and its fourth-quarter underlying replacement cost profit, which is the company's definition of net income, came in at $196 million, well below analyst expectations of $730 million.
London Stock Exchange Eyes Aberdeen Oil and Gas
The London Stock Exchange (LSE) is forecasting Aberdeen’s booming energy sector will be the source of a new wave of companies heading for an Initial Public Offering (IPO). Renewed confidence and a swathe of foreign investment from South Korea, China and other first-time North Sea entrants has had a knock-on effect on E&P and oil and gas services companies. This newfound vibrancy has directly influenced the LSE’s decision to hold an IPO Forum in Aberdeen this month (Thursday, October 31) bringing together a team of leading capital markets, fund management, accounting and legal experts.