BP is under pressure to arrest the slide in its shares and win over investors to its green strategy as it announces results from another tough quarter next week. The company tumbled to a record $17.7 billion loss in the second quarter and halved its dividend after taking huge impairments caused by the collapse in oil prices. It reports its third-quarter results on Tuesday, with analysts predicting an underlying loss of $120 million, against a $2.3 billion underlying profit in the same period last year. Despite the torrid second-quarter results, BP shares rallied on the day as it revealed a set of targets to transform the business and curb its carbon emissions by investing billions in wind and solar farms and reducing its oil output. Yet those shares have since fallen by about a third to their lowest level in a quarter of a century because of scepticism over the company’s ability to deliver on its bold aims.
Times 24th Oct 2020 read more »