BP’s profits plunge following oil price crash


In response to the release of BP’s first-quarter results, Charlie Kronick, oil finance analyst for Greenpeace UK, said:

“Today as profits tumble BP is shaping the future of the company, but more importantly the future of the climate. BP and the rest of the oil industry are still running the sector like a pyramid scheme, betting that demand will bounce back from every downturn and high dividends will distract investors from the underlying weaknesses of the business.

“By sticking with a business-as-usual dividend payout, BP is ignoring the severity of the multiple crises we now face. Given the company’s plunging profits, dividends are not mandatory and can’t take precedence over investment in clean renewable energy crucial to a more resilient climate and economy. Our society’s response to the COVID challenge has been to come together to help each other, but BP continues to prioritise pacifying shareholders over investing where it is really needed.”

ENDS

Contact

Greenpeace UK Press Office – press.uk@greenpeace.org or 020 7865 78255

Notes

https://www.bp.com/en/global/corporate/news-and-insights/press-releases/first-quarter-2020-results.html



Source link

Y Not Freakin’ Recyclable Home

About Zohe

Environmentalist, Futurist, Lightworker, Wannabe naturalist. The way we are treating our world and environment is not going to end well! We need to change course NOW.

Check Also

Ending Fracking and the Climate Emergency - SERA Fringe Event #Lab19

Ending Fracking and the Climate Emergency – SERA Fringe Event #Lab19

Join us for a SERA fringe event at the Labour Party Conference discussing “Ending #Fracking …