BP to take up to $17.5 billion in charges as it strives for net-zero emissions
Oil giant BP BP, +2.82% BP, -5.07% 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 BRN00, -3.17%, 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.
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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.
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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.
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