Amidst $17 Billion In Q2 Losses, BP Unveils New Green Strategy

Amidst $17 Billion In Q2 Losses, BP Unveils New Green Strategy

In 2000 BP redesigned its logo as part of a company rebrand to signify diversification away from ... [+] exclusive hydrocarbon development towards more 'dynamic energy sources.'



Getty Images



In an announcement Tuesday, energy supermajor BP reported second quarter losses of $16.8 billion dollars, a drastic reversal of fortune for the company that posted $800 million in profits in the first quarter of 2020 (by contrast, ExxonMobil



XOM

and Chevron



CVX

reported a loss of $1.1 billion and $8.3 billion respectively in the second quarter). Alongside the earnings report, BP announced a historic shift in its business development strategy – targeting net zero emissions before 2050. They will also halve