A BP petrol and diesel filling station in Hildenborough, England, on June 15, 2020.
BEN STANSALL | AFP | Getty Images
The CEO of oil and gas giant BP told CNBC on Wednesday that its decision to “reset” its dividend to 5.25 cents a share was “deeply rooted in strategy.”
The newly announced dividend represents a 50% reduction compared to the 10.50 cents per share in the first quarter of 2020 and comes as the U.K.-based firm looks to ramp up its investment in renewables whilst cutting hydrocarbon generation by 40% through to 2030.
Among other things, BP, which reported a significant loss for the second quarter on Tuesday, wants “investment in low carbon energy” to hit approximately $5 billion…