Energy
BP’s Strategy Reset Under Pressure After Oil’s Plunge to $65
Last week, BP gave a gloomy overview of its first quarter performance.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
BP Plc’s big strategy reset is less than two months old, but the foundations of the company’s pivot back to oil are already starting to look shaky.
After years of under-performance, the struggling major made a series of financial pledges in February intended to assure investors that dividends and share buybacks — a core part of the industry’s appeal — would be secure for years to come.