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BP: heavy loss in Q2 - cuts dividend, but stock up

( - On Tuesday BP announced a 50% reduction in its dividend after reporting a heavy loss for Q2.

The British oil group's dividend for this quarter works out at 5.25 cents per share, compared to 10.5 cents in Q1.

This comes as no real surprise - with the fall in line with analysts' estimates.

The second quarter ended with a loss of 16.8 billion dollars, compared with a profit of 1.8 billion dollars in the same period last year.

Amongst other things, this result includes an impairment of 9.2 billion dollars relating to lower energy prices.

A bit of good news, however, is that the British oil company's net debt stood at 40.9 billion dollars at end-June, compared with 51.4 billion dollars three months earlier.

The share was up over 6% on the London Stock Exchange in early trading, posting the second largest rise in the FTSE 100 index and pulling up the STOXX Europe 600 Oil & Gas index (+2.2%), which includes European energy stocks.

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