Company faces losses, share-price fall and more fines over Deeepwater Horizon spill with underlying profits likely to take a hit
BP plans to cut its exploration activity in half and reduce overall spending by 20% after crashing to a $1bn (£660m) loss in the final quarter of the year as a result of low oil prices.
Its chief executive, Bob Dudley, said a “raging gale” was sweeping through the industry and he believed it could be years before there was a significant bounce-back in the value of Brent crude.