BP PLC's earnings collapsed in 2015, the company said Tuesday, amounting to a full-year loss of $5.2 billion that illustrates the toll a 20-month slide in oil prices is taking on the world's energy industry.
The U.K. oil titan said it would cut a further 3,000 jobs by the end of 2017, another dramatic measure to respond to oil prices that averaged just $44 a barrel in the last three months of 2015.
BP's results come after Chevron Corp. said last week it would slash its spending by $9 billion and lay off 4,000 workers in 2016 after reporting a surprise fourth-quarter loss of more than half a billion dollars.
BP said it would continue to review its capital framework throughout this year, but said it expected to benefit from falling costs if prices remain lower for longer than anticipated.
