BP halves dividend after record $ 6.7 billion loss in second quarter
LONDON (Reuters) – BP cut its dividend on Tuesday for the first time in a decade after reporting a record $6.7 billion loss in the second quarter as the coronavirus crisis hammered energy demand.
The London-based company separately outlined plans to sharply reduce its oil and gas output by 2030 and boost its renewable power generation under CEO Bernard Looney’s strategy to “reinvent” BP in line with a global transition to low-carbon energy.
The net loss, which was in line with analysts’ expectations, was largely a result of BP’s decision to wipe $6.5 billion off the value of oil and gas exploration assets after it revised sharply lower its oil and gas price forecasts.
