BP has announced it will write off up to $17.5 billion from the value of its assets when it reports its second-quarter results, after cutting long-term oil and gas price forecasts.
The impairments are set to raise its debt burden and increase pressure to reduce its dividend.
BP lowered its benchmark Brent oil price forecasts to an average of $55/bbl until 2050, down by around 30% from previous assumptions of $70.
BP shares were down 4.3% at 1418 GMT on 15 June.
The second week in June, BP said it would cut about 14% of its workforce in response to the coronavirus crisis and to support CEO Bernard Looney’s strategy.
https://pubs.spe.org/en/jpt/jpt-article-detail/?art=7188
No comments:
Post a Comment