BP’s move to cut its dividend for the first time in a decade caps one of the worst quarters ever for the world’s biggest oil companies
LONDON—BP PLC cut its dividend for the first time in a decade and outlined plans to pivot away from oil and gas and invest more in low carbon energy—marking one of the most dramatic energy-transition plans among its oil major peers at a time of deep crisis for the industry.
The British energy giant aims to increase its low carbon investments to $5 billion a year by 2030, from around $500 million, at the same time as seeing its oil and gas production fall by 40% from 2019 levels.
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