Over the same timeframe, it plans to shrink its oil and gas production by at least 1 million barrels of oil equivalent per day compared with 2019.
BP last reduced its dividend in 2010, when it was suspended for three quarters following the deadly Deepwater Horizon rig explosion. BP said it aimed to “reset a resilient dividend” of 5.25 cents per share per quarter and to return at least 60% of future surplus cash as share buybacks.
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