BP reported a sharp drop in profits due to the plunging oil price but promised more cost cuts to strengthen its finances as it opened a tricky earnings season for the “super-major” oil companies.
The pressure on BP is being repeated across the industry worldwide. PetroChina, the world's second-largest oil company by market capitalisation, yesterday reported a 35 per cent drop in net earnings for the first quarter.
Today Royal Dutch Shell, Europe's biggest oil company, reports its first-quarter earnings, followed by ExxonMobil and Chevron of the US on Thursday and Friday respectively. All are expected to show steep profit falls. Tony Hayward, BP's chief executive, said the industry was “adjusting from a $100 oil world to a $50 world”.
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