LONDON (Alliance News) - BP PLC Wednesday said its head of safety increased his interest as the oil and gas major posted a loss for 2015 in excess of USD5.00 billion on Tuesday.
Executive Vice President of Safety and Operational Risk Bob Fryar bought 34,500 American Depositary Shares at USD29.00 each on Tuesday. One ADS is equivalent to 6 ordinary shares.
His total shareholding was undisclosed.
BP's upstream division was hit by lower oil prices and it booked large charges related to the oil spill in the Gulf of Mexico. It reported an underlying replacement cost profit that was way below analysts expectations for the last quarter of 2015, causing the oil and gas company's underlying profit for the full year to more than halve, with large amounts of items causing BP to swing to an overall replacement cost loss for the year.
BP also took further steps to adjust the business to suit the low oil price environment by announcing 3,000 further jobs cuts over the next two years in its downstream unit, building on the 4,000 it announced for its upstream business in 2015.
Shares in BP were down 3.0% at 324.95 pence Wednesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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