BP’s profits plunge following oil price crash

| 29th April 2020
petrol
BP offers business-as-usual dividend payout despite historic drop in profits.

Our society’s response to the COVID challenge has been to come together to help each other, but BP continues to prioritise pacifying shareholders over investing where it is really needed.

BP’s net profit has slumped 67 percent in the first quarter following a historic fall in oil prices.

In response to the release of BP’s first-quarter results, Charlie Kronick, oil finance analyst for Greenpeace UK, said: “As profits tumble BP is shaping the future of the company, but more importantly the future of the climate.

"BP and the rest of the oil industry are still running the sector like a pyramid scheme, betting that demand will bounce back from every downturn and high dividends will distract investors from the underlying weaknesses of the business.

Dividends

“By sticking with a business-as-usual dividend payout, BP is ignoring the severity of the multiple crises we now face.

"Given the company’s plunging profits, dividends are not mandatory and can’t take precedence over investment in clean renewable energy crucial to a more resilient climate and economy.

"Our society’s response to the COVID challenge has been to come together to help each other, but BP continues to prioritise pacifying shareholders over investing where it is really needed.”

This Article 

This article is based on a press release from Greenpeace.

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