BP (LON: BP) has reported a record loss in its latest quarterly results.

The oil giant reported a record $6.7bn (£5.1bn) loss as the Coronavirus pandemic led to a slump in global oil demand.

The $6.7bn loss is compared to a $2.8bn profit for the same period a year earlier. As a result, the group said that it plans to halve its quarterly dividend.

“These headline results have been driven by another very challenging quarter, but also by the deliberate steps we have taken as we continue to reimagine energy and reinvent BP,” said Bernard Looney, the chief executive.

“In particular, our reset of long-term price assumptions and the related impairment and exploration write-off charges had a major impact. Beneath these, however, our performance remained resilient, with good cash flow and – most importantly – safe and reliable operations,” he added.

Oil has been hit hard over the global pandemic. Shell and Total have also slashed the value of their assets.

In response to the losses, the oil giant said earlier this year that it will cut 10,000 jobs.

Looking forward, the group said that the ongoing impacts of the pandemic are continuing to “create a volatile and challenging trading environment.”

Shares in BP (LON: BP) are trading up 6.07% (0915GMT).