Hammered energy demand has forced BP to cut its dividend for the first time in a decade.
On Tuesday (Aug 4), the oil giant reported a record $6.7 billion loss in the second quarter.
The net loss, was largely a result of BP's decision to wipe $6.5 billion off the value of oil and gas exploration assets
as a result of sharply lower oil and gas price forecasts.
The London-based company separately outlined plans to reduce its oil and gas output by 2030 and boost its renewable power generation.
That's part of CEO Bernard Looney's strategy to "reinvent" BP and join a global transition to low-carbon energy.
Looney, who took the helm in February, avoided a dividend cut in the first quarter of the year despite worsening market conditions.
But his hands may have been forced for Tuesday's dividend cut of 50% due to a collapse in oil and gas demand,
and fears that the global economy faces a slow recovery.