British oil giant BP ended the year with a loss for the first time in ten years. At the end of 2020, the net loss was $20.3 billion after a profit of $4 billion a year earlier.

This year’s poor outcomes were caused by low oil and gas prices, high write-downs for exploration surveys, and lower tax deductions. In the 2020, oil production by the company decreased by 8.1 percent and reached 3.47 million barrels per day. The giant’s revenue for the year fell by 35% (to $180.37 billion).

In the fourth quarter of last year, the company had a debt of $39 billion. BP owns 19.75% of Rosneft shares. The company accounted for 877 thousand barrels of oil per day from Rosneft’s production, which is almost five percent lower than a year earlier.