BP chief executive Bob Dudley said the firm had laid the foundations to pivot "back to growth".
Statoil posted an operating loss of $1.8billion for its fourth quarter results.
Sembcorp Marine has posted a loss of $536.9million for the fourth quarter of last year amid the decline in oil price.
TransCanada recorded a fourth quarter loss of C$2.46billion – a significant drop from last year’s profit of C$458million.
Oil major BP posted a loss of $2.2billion in the fourth quarter of last year after being hit by restructuring charges and writedowns amid the lower oil price.
Santos Ltd. reported a 24 percent drop in fourth-quarter sales and flagged asset writedowns after a further decline in oil prices since its November announcement of $2.5 billion program to cut debt. Quarterly sales fell to A$828 million from A$1.09 billion a year earlier, the Adelaide-based company said Friday. That beat estimates from UBS Group AG and Macquarie Group Ltd. Output dropped 1 percent to 14.9 million barrels of oil equivalent, and spending decreased 43 percent to A$477 million.
Schlumberger said it cut a further 10,000 jobs while also reporting a loss of $1billion during the final quarter of last year. The oil field services company said its workforce has been reduced by more than 25%.
Singapore's Keppel Corporation said on Thursday its fourth-quarter net profit fell 44% and its 2015 profit dropped to a five-year low as plunging oil prices hit demand for offshore rigs.
PGS (Petroleum Geo-Services) said it expects its multiclient library to be written down by $105million. The company said the library is accounted for on a survey by survey bases with any write downs normally related to surveys where the low oil price has had an impact.
Statoil ASA deepened cost cuts and halted dividend growth as Norway’s biggest energy company struggles to withstand a plunge in oil prices. The company will raise spending cuts by 30% to $1.7 billion from 2016 and lower capital expenditure to $18 billion this year from earlier targeting $20 billion, the Stavanger-based company said. Statoil reported fourth-quarter net operating income of $1.2 billion, down from 43.9 billion kroner a year earlier. That missed an estimate of 26.3 billion kroner in a survey of analysts.
Financial results from a fourth quarter that saw the collapse of the crude market will provide a window into how the world’s biggest oil companies are adjusting to a new reality of slowing growth and low prices. Oil that topped $115 a barrel as recently as June has been trading below $50 a barrel since the first week of the year, portending a bleak 2015 for the world’s five so-called supermajors -- Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc. The companies, whose businesses combine oil and natural gas exploration with refining and chemical manufacturing, have historically been among the most resilient players during down cycles. This could be the oil bust that breaks that pattern.