The energy giant was forced to write down the value of exploration assets by $6.5 billion due in part to the decline in oil and gas prices.
The energy giant said it met its goal to divest $15 billion a year ahead of schedule.
The oil giant lowered its oil price expectations through 2050 due to the COVID-19 pandemic.
The oil giant plans to cut 15% of its workforce by the end of the year.
The deal is part of the U.K. oil giant’s plan to raise $10 billion in the next two years.
The oil giant is following some of its competitors by selling units in a tax-advantaged master limited partnerhip to the public.
The two companies' performance boosts hopes that the industry is adapting to an environment of low oil prices.
The industry may have more capacity to cut as some analysts are projecting depressed crude oil prices through 2016.
The settlement of Deepwater Horizon claims includes a record $5.5 billion in Clean Water Act penalties — about half of what BP might have faced.
The price of oil has been tumbling. The cost of finding it has not.
