BP is writing down up to $17.5 billion of its assets and might leave some oil and gas in the ground because of lower prices
LONDON—BP PLC is writing down up to $17.5 billion of its assets and might leave some of its oil and gas in the ground because of lower energy prices and weakened demand amid the global crisis caused by the novel coronavirus.
The British energy giant sees the pandemic—which caused nationwide shutdowns and drove U.S. oil prices into negative territory—having a lasting economic impact, leading to fragile energy demand and sinking prices. The virus will also accelerate the world’s shift to a lower carbon economy, BP said, with...
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BP to take up to $17.5 billion in charges in second quarterOil giant BP said it will take up to $17.5 billion in impairments and write-downs in the second quarter, after reviewing its plans to become net-zero in carbon emissions by 2050 and on COVID-19 having an enduring impact on the global economy. Its writedown will range from $13 billion to $17.5 billion, BP said. BP's revised investment appraisal long-term price assumptions are now an average of around $55 per barrel for Brent , which is down from its previous target of $70. BP said it is also reviewing its intent to develop some of its exploration prospects and consequently is assessing the carrying values of the group's intangible assets.
Read more »
BP to take up to $17.5 billion in charges in second quarterOil giant BP undefinedundefined said it will take up to $17.5 billion in impairments and write-downs in the second quarter, after reviewing its plans to...
Read more »
BP slashed its valuation by almost $18 billion as it adjusts to oil's pandemic era new normalBP said it expects to undertake a huge reduction in asset value in the range of $13 billion to $17.5 billion as the energy giant revised its lon...
Read more »
BP to write down up to $17.5 billion in second quarter, lowers oil price expectations to 2050Bernard Looney, chief executive of BP, said the coronavirus outbreak 'increasingly looks as if it will have an enduring economic impact.'
Read more »
BP to take up to $17.5 billion in charges in second quarterOil giant BP undefinedundefined said it will take up to $17.5 billion in impairments and write-downs in the second quarter, after reviewing its plans to...
Read more »
BP to write down up to $17.5 billion in second quarter, lowers oil price expectations to 2050Bernard Looney, chief executive of BP, said the coronavirus outbreak 'increasingly looks as if it will have an enduring economic impact.'
Read more »