BP: Disappointing Earnings, Growth Story Slowed

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About: BP p.l.c. (BP), Includes: BPAQF, CVX, EQNR, STOHF, XOM
by: Power Hedge
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Summary

BP's results clearly show the impact that low energy prices had on the company, which was not unexpected.

The company has throttled back on its growth plans in order to preserve capital.

BP still should be able to deliver earnings growth over the next five years, even with energy prices at today's levels.

The company slashed its dividend in order to pay down debt, which is smart although disappointing.

The company does not plan to raise the dividend going forward but will implement a share buyback plan instead.

On Thursday, August 4, 2020, energy supermajor BP PLC (NYSE:BP) announced its second quarter 2020 earnings results. The company posted a very large year-over-year revenue decline, which was certainly not unexpected for an