(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.
Underlying replacement cost loss for the quarter was $6.7 billion, compared to a profit of $2.8 billion for the same period a year earlier.
Total revenues and other income for the quarter dropped to $31.19 billion from $73.75 billion in the previous year.
In a separate press release, BP said it plans to maintain its financial discipline with a rigorous business plan, including maintaining strict discipline on capital spending and deleveraging to reduce net debt to $35 billion.
The company commits to return at least 60% of surplus cash flow to shareholders via share buybacks once net debt is reduced to $35 billion.
By 2030, bp aims for emissions from its operations and those associated with the carbon in its upstream oil and gas production to be lower by 30-35% and 35-40% respectively.
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