BP has halved its shareholder dividend and posted a record $6.7bn quarterly loss after the coronavirus pandemic hit global demand for oil.
The dividend news is another blow for pension funds and private investors who have seen a string of firms cut or halt payouts.
The loss was largely due to BP writing down the value of its assets after it cut its oil price forecasts.
BP said the outlook for oil prices and demand was “challenging and uncertain”.
It also warned that the pandemic could weigh on the global economy for a “sustained period”.
In the short-term, BP