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BP Slips To Loss In Q2; Halves Dividend

(RTTNews) - BP Plc (BP.L, BP_UN.TO, BP) reported that its second-quarter loss attributable to shareholders was $16.85 billion or $5.00 per ADS, compared to a profit of $1.82 billion or $0.54 per ADS in the same quarter last year.

The latest-quarter result included $9.2 billion in post-tax non-cash impairments across the group largely arising from the revisions to its long-term price assumptions and $1.7 billion of post-tax non-cash exploration write-offs treated as non-operating items.

BP declared a dividend of 5.25 cents per share in the second quarter, compared to 10.5 cents per share for the previous quarter. It is expected to be paid on 25 September 2020. The corresponding amount in sterling will be announced on 14 September 2020.

Looking ahead, the outlook for commodity prices and product demand remains challenging and uncertain. Global oil demand is expected to be around 8-9 million barrels of oil per day lower than 2019, with OECD oil stocks above their five-year range, and gas markets are likely to remain materially oversupplied.

Loss before taxation for the second-quarter was $21.60 billion compared to profit of $3.15 billion in the prior year.
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