BP posted its first loss in almost two decades yesterday as the cost of cleaning up the Gulf of Mexico spill hit US$40.9 billion (Dh150.22bn).
The UK company booked a loss of $3.7bn for the full year, compared with a profit of $16.6bn in 2009. BP's clean-up bill for the Gulf of Mexico spill increased by an additional $1bn during the fourth quarter of last year.
But BP also announced it would resume its corporate dividend programme, at 7 cents per share, and that it intended to see the dividend level grow over time as the company improved financially. BP's dividend programme was previously suspended in June and offered twice as much a share, at 14 cents, before last year's Gulf of Mexico spill.
This year "will be a year of recovery and consolidation as we implement the changes we have identified to reduce operational risk and meet our commitments arising from the spill", said Bob Dudley, the chief executive of BP. "But it will also be a year in which we have the opportunity to reset the company, adjusting the shape of our business, and focus on growing value for shareholders."
While BP plans to divest half of its US refining capacity, it held out the prospect of long-term growth by announcing it intended to invest in new energy exploration and partnerships.
Last month, BP aligned with the Russian state-controlled Rosneft, citing the partnership as a key step while seeking material positions in the world's leading hydrocarbon basins. But BP has warned a deal could be delayed by court proceedings launched by its other Russian venture, TNK-BP.
nparmar@thenational.ae
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
This is an info box
- info goes here
- and here
- and here
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
