BP wipes up to $17.5 billion from assets with bleaker oil outlook

Topics BP plc | BP | Coronavirus Vaccine


BP will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the Covid-19 crisis will cast a lasting chill on energy demand and accelerate a shift away from fossil fuels.

  Like its rivals, the British oil major is set to take a big hit to revenue from an unprecedented collapse in demand due to the pandemic. The impairments are set to raise its debt burden sharply and increase pressure to reduce its dividend.   The move comes as Chief Executive Bernard.....

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