UK supermajor BP reported a loss for the second quarter of $6.7 billion compared to a profit of $2.8 billion in the same period a year ago, as the company cut its dividend for the first time in 10 years in the face of falling demand due to the Covid-19 pandemic.

The company said it was cutting its dividend to 5.25 cents per share from 10.5 cents per share for the previous quarter.

The underlying replacement cost loss — BP's measure of net profit — was driven mainly by a $6.5