BP in the red

LONDON: British energy giant BP on Tuesday posted the company’s biggest loss in at least 20 years, ravaged by tumbling oil prices, and axed another 3,000 jobs. BP suffered a loss after taxation of $6.48 billion (5.97 billion euros) last year, compared with a net profit of $3.78 billion in 2014, it said in a results statement. The energy major added it would slash 3,000 positions in its downstream business — including refining, marketing and distribution — by the end of 2017. Earnings were hit by a $2.6-billion charge in the fourth quarter that was mostly linked to impairments in the upstream division, or exploration and production, as well as restructuring costs. The company took another $12-billion hit for the Gulf of Mexico oil spill, taking its total bill for the tragedy to $55.5 billion.