BP cuts dividend for first time since Deepwater Horizon after huge loss

It comes after the oil giant swung to a $6.7bn underlying replacement cost loss in the second quarter of the year.

BP has slashed its dividend payout for the first time since the Deepwater Horizon disaster, after the company’s profits were squeezed by a drop in the price of oil.

Investors will now receive 5.25 US cents per share, compared with 10.25 cents earlier.