BP in 3 Charts
The 2020 energy industry downturn, caused largely by demand declines stemming from the coronavirus pandemic, appears to have marked a turning point for industry giant BP (NYSE: BP). It now has big plans to shed its old focus on oil and natural gas and shift in a cleaner direction. On the surface that sounds great, and is definitely in line with the clean energy zeitgeist -- but investors shouldn't go along for this journey blindly. Here's some important background, and three charts you need to consider.
In August BP cut its dividend in half. To be fair, the energy sector was reeling at the time, and the integrated energy giant was preparing for what would be a tough second half, financially speaking. Indeed, revenue fell 35% year-over-year in 2020, with a per share loss of just over $6. It was a pretty ugly year.
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Source Fool.com
