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“BP Market Value At 26-Year Low As Investor Confidence Shaken”

“Oil firm slumps to value of £40.5bn, well below that of offshore wind developer Orsted”

“BP’s market value has fallen below 200p a share for the first time since 1994 with investor faith in the future of the oil industry shaken by the coronavirus pandemic.

The 26-year share-price low means the oil company is worth little more than £40.5bn, well below the market value of the Danish offshore wind developer Orsted, which in less than two years has doubled its value on the Copenhagen stock exchange to more than £51bn.

BP is also now a substantially less valuable business than Diageo, which is worth slightly less than £60bn. The 111-year old oil company is also worth less than a third of the market value of Unilever, which is worth £124bn.

The company’s share price has buckled under the growing pressures affecting the global oil industry amid the coronavirus pandemic. The historic share-price lows have also emerged as the company prepares to overhaul its business by cutting investment in fossil fuels in favour of clean energy alternatives.”

Jillian Ambrose reports for the Guardian October 21, 2020.