BP Slashes Its Quarterly Dividend by 50%

BP (NYSE: BP) became the latest petroleum sector company to reduce its dividend in light of this year's deep oil market downturn. The energy giant slashed its quarterly payout by 50%, which will halve its yield from its prior level of 10.7%. It was the company's first payout reduction since just after the Deepwater Horizon disaster in 2010, when it halted its dividend for several quarters.