BP reports 2nd-qtr loss after major write downs, halves dividend

BP Plc slashed its dividend for the first time in a decade and set out new targets to accelerate its shift to greener energy after the coronavirus pandemic upended the oil business. The U-turn in its dividend policy was expected after European peer Royal Dutch Shell Plc slashed its own payout in April. Big Oil’s generous dividends have long been its main attraction to shareholders, and the move — hastened by the virus but made inevitable by the transition to cleaner energy — redraws the company’s investment profile.

BP paired the payout news with more details for investors of its net-zero strategy — bringing forward announcements expected in September.