BP has cut its dividend in half in a bid to free up cash for its push to become an “integrated energy company”. The company said the reset dividend of 5.25 cents (4.01p) per share was a “resilient” level, as it unveiled its new strategy, packed with medium-term targets. Within 10 years, BP will have cut its oil and gas production by 40%, or about 1 million barrels per day (bpd), and reduced emissions from its operations by about a third.
Energy Voice 4th Aug 2020 read more »
BP has slashed its dividend for the first time in a decade after falling to a record loss in the second quarter as the pandemic hammered energy demand. The company halved its payout to 5.25 cents a share from 10.5 cents – its first cut since the Deepwater Horizon oil spill in the Gulf of Mexico in 2010. It came as the oil titan slumped $6.7bn (£5.1bn) into the red in the second quarter under its preferred measure of underlying replacement cost loss, compared with profits of $2.8bn for the same period a year earlier.
Telegraph 4th Aug 2020 read more »
Times 4th Aug 2020 read more »