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BP cuts dividend for first time in a decade after record loss | Business News

BP has cut its dividend on for the first time in a decade after reporting a record
$6.7bn (£5.1bn) loss as the coronavirus pandemic hammered energy demand.

The second quarter loss, which was in line with analysts’ expectations, was largely a result of the firm’s decision to wipe $6.5bn (£5bn) off the value of oil and gas exploration assets after it revised down sharply its price forecasts.

The plunge into the red compared with profits of $2.8bn (£2.1bn) a year earlier and $791m (£604m) in the first quarter of 2020.

Chief executive Bernard Looney, who took charge in February, avoided a dividend cut in the first quarter of the year despite worsening market conditions.

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