BP has cut its dividend in half in a bid to free up cash for its push to become an “integrated energy company”.
Serica Energy has announced its maiden dividend to “reward shareholders” despite the challenges of Covid-19.
Energy giant BP is ”getting to grips” with a slump in the value of its offshore assets, with some now worth nothing at all, an industry expert said last night.
Shell cut its dividend for the first time since World War Two yesterday in an move that further highlights the severity of the latest oil sector downturn.
Shell has opted to cut its dividend by two-thirds in response to the recent slump in oil prices and “significant” mid and long-term market uncertainty.
Equinor ASA, Norway’s biggest oil company, cut its dividend by two thirds as it grapples with an historic rout in the crude market.
Even with oil prices having slumped, Saudi Aramco said it still intends to give at least $75 billion to shareholders this year.
Petronas has warned it may need to borrow or tap into reserves to meet its dividend this year and fund reduced spending.