“We will get through this” – the words of BP chief executive Bernard Looney in a Covid-19 response and market update yesterday.
It came just a couple of days after oil prices sank to an 18-year low, thanks to a glut fuelled by the coronavirus pandemic and a battle over market share between Saudi Arabia and Russia.
Mr Looney insisted BP’s “good operating momentum and financial discipline” would help the global energy giant survive “the most brutal environment for oil and gas businesses in decades”.
He added: “I am just as confident that the world will emerge stronger as well. As hard as that may seem today, we will get through this and learn important lessons in the process.
“We can come out of this crisis closer, more collaborative, and more caring, with all the benefits that brings for society and the planet.”
He also pledged there would be no job losses at BP during the next three months.
“Job security is a big worry at this time,” he said, adding: “We simply do not want to add another burden during what is already an incredibly stressful time for individuals and families.”
Mr Looney said BP’s divestment programme to deliver nearly £12 billion-worth of announced deals by 2021 “remains on track”. BP is cutting its 2020 capital spending by around 25%, to about £9.5bn.
The company also expects to achieve around £2bn of cash cost savings by the end of 2021, compared with 2019.
In addition, BP highlighted about £25bn of cash and undrawn facilities available at the end of the first quarter of 2020.