BP announces record losses and thousands of job cuts

The company has continued to suffer as oil prices refuse to rise

BP announces record losses and thousands of job cuts

Picture by: Matt Dunham / AP/Press Association Images

BP have announced their biggest ever annual loss and announced thousands of job cuts.

The British company will cut 7,000 jobs by the end of 2017 – that amounts to close to 9% of its entire workforce – Reuters reports.

BP lost $6.5bn in 2015, more than its final loss in 2010 – when the Gulf of Mexico spill saw the company lose $17.2bn in the second quarter alone.

The company’s share price dropped by 8.5% and are on course for the biggest one-day share price fall since June 2010.

BP is the latest of the major oil companies to post disappointing results, as oil prices have dropped 70% since mid-2014.