BP Halves Dividend After Record Loss, Speeds up Reinvention

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LONDON—BP reduce its dividend for the first time in a decade after a document $6.7 billion second-quarter loss, when the coronavirus disaster hammered gasoline demand, and it sought to win over buyers by rushing up its reinvention as a decrease carbon firm. Its shares rose more than 7 % on Tuesday after BP unveiled earlier than anticipated a plan to scale back its oil and fuel output by 40 % and increase investments in renewable power, reminiscent of wind and photo voltaic, over the subsequent decade. All major oil corporations suffered within the second quarter as lockdowns to include the new coronavirus restricted travel and oil costs fell to their lowest in 20 years. A number of, including Royal Dutch Shell and Norway's Equinor, minimize their dividend in response. BP CEO Bernard Looney, who took the helm in February, prevented a dividend reduce within the first quarter despite worsening market circumstances and as rivals ...

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