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Coronavirus company news summary – BP trims dividend after posting record losses – OGUK rolls out new forum to support SMEs

05 Aug 2020 (Last Updated August 5th, 2020 09:26)

5 August

British oil and gas company BP has trimmed its dividend after posting a record loss of $6.7bn in the second quarter of this year in the wake of Covid-19 crisis. The company nearly halved its dividend as it seeks to reduce costs. According to Reuters, this is the first time in a decade that BP reduced its dividend.

Oil & Gas UK (OGUK), a trade association representing offshore oil and gas industry, is set to launch a new forum to support the small and medium-sized businesses (SMEs) to facilitate a recovery. The move comes amid growing concerns that most of the SMEs may not survive the current crisis without assistance. The SME forum will provide the companies with access to OGUK’s existing business support guidance and initiatives.

Indian Oil (IOC) Director-Finance S K Gupta told PTI that fuel demand in the country may take six to nine months to recover to its normal levels. This comes after several states imposed new lockdowns to combat the spread of Covid-19. During the nationwide lockdown in April, the sales were down by 45.8%.

US-based Pioneer Natural Resources has reported a net loss of $439m attributable to common stockholders in the second quarter of this year. The loss was smaller than estimated, reported Reuters. The company produced an average of 375 thousand barrels of oil equivalent per day in the same three-month period.