BP prepares for declining sale of fossil fuels

(NBC NEWS) — Oil and gas giant BP announced details of a strategic overhaul.

British Petroleum, or BP, announced Tuesday that it plans to slash dividends, as the global oil company prepares for declining sales of fossil fuels. Instead, it will boost investment in alternative energy projects.

London-based BP says it will increase spending on low-carbon technology, including renewable energy projects, ten-fold to 5 billion a year over the next decade. The company expects oil and gas production to drop by about 40% over the same period.

BP announced the shift as it reported a second-quarter operating loss of nearly $7 billion, as the COVID-19 pandemic cuts oil prices and demand for energy. The figure, which excludes one-time items and changes in the value of inventories, compares to an operating profit of almost $3 billion in the same period last year.

Anna Weeks is the anchor of NBC5 News at 5 and 11 and Your Place @7 with Anna Weeks. She graduated Summa Cum Laude from Oregon State University with a degree in Digital Communication Arts and a minor in writing. Previously, she interned with the National Association of Broadcasters at the NAB Show in Las Vegas. Originally from the Portland area, Anna loves exploring Southern Oregon. In her free time, she enjoys reading, running, and watching sports.
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