Bp Posted A Net Loss of $16.8bn in the Second Quarter, Cutting Its Dividend For the First Time in A Decade

BP reported a net loss of $16.8 billion in the second quarter and cut its dividend in half for the first time in 10 years.

The company said its second-quarter results included a one-time charge of $10.9bn, mainly because of writedowns on items due to plunging oil prices.

Excluding one-time items, the company lost $6.7bn in underlying replacement costs in the second quarter, compared with a profit of $2.8bn a year earl