Financials suffer and project delays mount during the coronavirus pandemic
Total BP sales and other operating revenues fell 35.3% to $198.9 billion in 2020, driven by lower crude demand and product prices during the COVID-19 (coronavirus) pandemic. Some of the company’s project development timelines, such as the Mad Dog 2 project, were also negatively affected by the coronavirus pandemic and delays in the fabrication of the floating production unit. First oil from the Mad Dog 2 project is expected in the second quarter of 2022 and is estimated to add 120 thousand barrels of oil equivalent a day (mboed).
COVID|Product Innovation|New Activity|ESG|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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