BP is writing down the value of its assets by as much as $17.5 billion as a shift away from fossil fuels is accelerated by the coronavirus pandemic.
The UK oil company said in a statement Monday that the health crisis could have an"enduring impact on the global economy," resulting in less demand for energy over a"sustained period." It cut its assumed average price for Brent crude from 2021 to 2050 by 27% to $55 per barrel.BP to cut 10,000 jobs because of oil price crashAs a result of the changes, BP said it would take a writedown of up to $17.5 billion in the second quarter, or roughly 6% of its total assets.
Read More"I am confident that these difficult decisions — rooted in our net zero ambition and reaffirmed by the pandemic — will better enable us to compete through the energy transition," CEO Bernard Looney said in a statement. The company said in February that it would reorganize its business to achieve net zero emissions by 2050 or sooner. It announced last week that it would cut 10,000 jobs, nearly 15% of its workforce, to reduce costs.
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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 undefinedundefined said it will take up to $17.5 billion in impairments and write-downs in the second quarter, after reviewing its plans to...
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BP Takes $17.5 Billion Write-Down, Expects Oil Price to Stay LowBP 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.
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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...
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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.'
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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...
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