BP announced it will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy

The British giant said it slumped into a u$s4.4-billion net loss in the first quarter as the coronavirus pandemic crushed demand for oil. “Our industry has been hit by supply and demand shocks on a scale never seen before,” BP’s CEO stated

Anglo-Dutch oil giant Royal Dutch Shell pledged to become carbon neutral by 2050, matching a commitment by rival BP as climate change looms large over the energy sector

British energy giant slashed its planned spending for 2020 by one quarter and announced a 1.0-billion dollars hit from collapsing oil prices as the coronavirus outbreak destroys demand