BP to write off up to $17.5 billion
The aftermath of the new coronavirus pandemic will accelerate the pace of transition to a lower-carbon economy
Stocks impacted: BP (BP)
Oil and gas giant announced it is to write down its assets by up to $17.5 billion in its second-quarter earnings. Earlier, the company cut its long-term oil and gas price outlook aggressively. BP noted that the review would lead to non-cash impairment charges and write-offs in the second quarter of this year. The giant also highlighted that the aftermath of the new coronavirus pandemic will accelerate the pace of transition to a lower-carbon economy. Amid a widespread risk aversion coupled with the decline in oil prices, BP stocks dipped over 4% on Monday and will likely remain under the selling pressure in the short term.
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