BP cuts dividend, but investors still back it - Analysis & Commentary - interactive investor
Amid a planned longer-term radical overhaul of the business, BP (LSE:BP.) has finally bitten the dividend bullet.
The sustained fall in the oil price and reduced demand for fuel arising from the pandemic has taken its toll. With oil still down 34% in the year to date, refining margins have reduced to a trickle.
Meanwhile, the effects of lockdown on demand were severe, with general travel and aircraft standing idle exacerbating what was already an oversupplied market.
