BP will take a writedown of up to US$17.5 billion in its Q2 earnings after sharply lowering its long-term oil and gas price outlook. YahooFinance
LONDON - BP will take a writedown of up to $17.5 billion £13.9 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels.
In a statement, BP said that the aftermath of the new coronavirus pandemic would accelerate the transition to a lower-carbon economy in line with the goals of the 2015 Paris climate agreement. As a result, BP will take non-cash impairment charges and write-offs in the second quarter in a range of $13 billion to $17.5 billion after tax, the company said.
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