MAGGIE PAGANO: New BP boss must run on rocket fuel, and if he keeps powering ahead at this rate, the shares might be worth a buy

These are the oil and gas fields which have yet to be analysed for future production or deemed uneconomic.  Slicing off such a big proportion of assets shows just how serious BP is about stepping back from oil exploration – but not stopping it – and moving faster towards building up high-quality low carbon assets and renewables such as solar.  The write-down represents about 10 per cent of BP's book value and will take place in August when second-half figures are due.  Shares in BP dived on the news – eventually closing 2.2 per cent down – amid fears the company's dividend will be trimmed with the next results.  If so, this would be the first cut since the Gulf of Mexico debacle a decade ago from which the company has never fully recovered. Net debt has soared, and it is not generating enough cash to cover the dividend as well as other spending commitments.  As Looney said in an email to staff: 'The oil price has plunged well below the level we need to turn a profit. Cutting the divi would be a blow to investors and pensioners as the shares are held by so many of the UK's big institutions and was the second-biggest dividend payer after Shell. At 316p, they have fallen by around a third since lockdown, taking a bigger knock than the FTSE 100, and hopefully most of the bad news has been priced in.  Looney may be a newbie in the top job but he has been with BP for 28 years, joining as a graduate engineer, so should know where he is heading. JLR in reverse  Bentley and Aston Martin have already announced job losses.  Now it's the turn of Jaguar Land Rover to chop 1,100 contractors from its 32,000 work force.