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BP profits plunge 96% in fourth quarter as pandemic hits fuel demand

BP profits plunge 96% in fourth quarter as pandemic hits fuel demand

BP reported a 96 per cent drop in fourth-quarter profits as the hit to energy demand from the pandemic and weaker trading results took the UK oil major to its first annual loss in a decade. Underlying profit on a replacement cost basis — the measure of income tracked most closely by industry analysts — was $115m in the three months to December 31. This fell short of analyst expectations of a profit of $370m, according to a company-compiled estimate, and compares with $2.6bn in the same period the year before. It has been a brutal year for the industry,…

The future of private jets

Despite economic uncertainty, private aviation leaders are positive about the industry's long-term prospects. With permission from Flexjet Text size While economic uncertainty may have an impact on the future of the private jet industry in the short term, industry insiders are bullish on the long-term prospects for private aviation. Leaders of the country's leading private jet management, fractional ownership, charter and member companies recently shared their prospects for the post-Covid world with Penta. Berkshire Hathaway unit NetJets is the largest private jet operator in the world. It provides parts of ownership, leasing and jet card programs. Patrick Gallagher is NetJets'…

Two views on Private Jet Recovery

In the United States, private aviation flights have now risen back to just over 80% of where they were during the summer of 2019, according to Argus. In Europe, August flights were actually 3% ahead of last year's figures, WingX data show. Pent-up requirements, they say. This is incredibly good news, at least compared to the rest of the travel industry. American Hotel & Lodging Associate reports that city hotels in the United States work with 38% occupancy. In Europe, hotel occupancy was 26.5% in July, according to STR data. Can the private jet market sustain its recovery on leisure…

Private jet companies fly for a reason

Wheels Ups first orange aircraft celebrating Feeding America's Hunger Action Month. Greetings from Wheels Up Text size Given the stratospheric costs associated with the private aviation industry, it is not surprising to hear of countless charitable partnerships and philanthropic efforts among private jet companies. But in the wake of a global pandemic that has changed the way people fly and shook the sector to its core, various private jet companies have expanded or calibrated their charitable efforts. In September, Wheel up, known for its blue and white color, unveiled its first orange plane, a Beechcraft King Air 350i aircraft created…

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