Updated
Updated · Bloomberg · Jul 14BP Flags $1 Billion Q2 Writedown in Gas and Low-Carbon Business
2 articles · Updated · Bloomberg · Jul 14Summary
- $1 billion in second-quarter impairments will hit BP’s gas and low-carbon energy business, the company said in a trading update Tuesday.
- BP tied the writedown to its shift back toward oil and gas, signaling a retreat from parts of the businesses it had previously emphasized.
- The charges will be excluded from underlying replacement cost profit, leaving BP’s key adjusted earnings measure unaffected by the impairment.
Insights
After a $1 billion green energy write-down, what is the true price of BP's return to oil? By ditching green energy for oil, is BP securing its future or betting against it?