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Before Tuesday’s opening bell, oil and gas company BP (BP ) reported a fourth quarter net loss due to the decline in commodity prices.
BP’s CEO Bob Dudley commented: “We have now entered a new and challenging phase of low oil prices through the near and medium term. Our focus must now be on resetting BP.”
The company declared a 60 cent per ADS dividend to be paid on March 27.
According to BP’s CEO: “Every time the price of oil drops, the cost structure also drops, so we may still be able to sustain a dividend for long time even at low prices.”
Shares of BP were up 57 cents, or 1.43%, during pre-market trading Tuesday. The stock is up 4.56% YTD.