BP have cut their investor dividend payout for the first time since the Deepwater Horizon catastrophe which caused an explosion on the rig in 2010.
Investors will now only receive 5.25 US cents per share compared to previously being paid 10.25 US cents as a result of $6.7bn underlying replacement cost loss.
This is compared to 2019 in the second quarter, BP made a $2.8bn underlying replacement cost profit, which analyst say is still some $100m more than expected.
Chief executive Bernard Looney said: “These headline results have been driven by another very challenging quarter, but also by the deliberate steps we have taken as we continue to reimagine energy and reinvent BP.
“In particular, our reset of long-term price assumptions and the related impairment and exploration write-off charges had a major impact.
“Beneath these, however, our performance remained resilient, with good cash flow and – most importantly – safe and reliable operations.”