BP’s Strategy Reset Under Pressure After Oil’s Plunge to $65

BP Plc’s big strategy reset is less than two months old, but the foundations of the company’s pivot back to oil are already starting to look shaky.

After years of under-performance, the struggling major made a series of financial pledges in February intended to assure investors that dividends and share buybacks — a core part of the industry’s appeal — would be secure for years to come.

Yet one key requirement in targets for boosting cash flow and improving returns was an oil price of $70 a barrel.

Brent crude, the international benchmark, plunged below that level last week ...