Energy

BP CEO says dividend cut ‘deeply rooted in strategy’

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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…



Source cnbc.com

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