Oil giant BP swings to a $17 billion loss and slashes its dividend for the first time in a decade as coronavirus turns the energy sector upside down

Reuters

• Energy giant BP reported a loss of $16.8 billion for the second quarter as it continues to battle the coronavirus pandemic's existential threat to the oil industry.
• The UK-based company's overall loss included a $10.9 billion impairment charge related to the pandemic.
• BP cut its dividend by 50% to 5.25 cents from 10.5 cents, the first time since its 2010 Deepwater Horizon incident — the largest marine oil spill in history. 
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Oil giant BP swung to a huge loss in the second quarter as it reported the continued effects of the coronavirus pandemic.

The London-based energy giant showed a loss of $16.8 billion in the second quarter of 2020, in sharp contrast to a profit of $1.8 billion a year ago.

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• US GDP plunged by a record 33% annual rate in the 2nd quarter as coronavirus lockdowns raged

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