Reuters
Oil giant BP suffered a massive loss at the time in the quarter when it reported the persistent effects of the coronavirus pandemic.
London-based power recorded a loss of $16.8 billion in the current quarter of 2020, in stark contrast to a profit of $1.8 billion a year ago.
BP lowered its dividend for the first time since the Deepwater Horizon oil spill in 2010, reducing it to 5.25 cents with a steady 10.5 cents a quarter earlier.
Oil and fuel corporation’s shares have fallen by more than 40% since the start of the year, but have increased by approximately 7% in morning operations in London.
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Here are the key figures:
The company’s overall loss included a net post-tax charge of $10.9 billion for non-operating items, or activities not related to its core business.
“Our reinstatement of long-term value assumptions and related impairment and cancellation charges have had a primary impact,” Executive Chairman Bernard Looney said in a statement.
BP has announced a new strategy for its net ambition 0, adding an emissions relief of 30 to 35%, a relief in the carbon intensity of products sold through more than 15% and a 40% relief in hydrocarbon production, all until 2030.
To “reinvent” its technique to energy sources, the company said it would explore oil in new countries.
“In the coming years, bp will particularly expand its low-carbon energy business and our mobility and convenience offerings,” the company said.
“We will decrease and decrease our oil, fuel and refining portfolio.”
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