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BP corrects its strategy after record loss


The company cut its dividend amid the coronavirus crisis

Stocks impacted: BP (BP)

Citing the coronavirus crisis that hammered energy demand, the London-based company reported a record $6.7 billion loss in the second quarter and decided to cut its dividend as a result. The firm has halved its dividend to 5.25 cents per share for the quarter, compared to 10.5 cents per share for the first three months of the year. The loss for the quarter was $16.8 billion compared to a loss of $4.4 billion over the first three months of this year. Also, BP outlined plans to sharply reduce its oil and gas output by 2030. Shares of BP are down more than 40% year-to-date. After the announcement, the giant’s stocks rallied nearly 7% on Tuesday.

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