BP expects to slash the value of its assets by up to $17.5 billion after predicting the coronavirus pandemic will depress energy prices for…
BP expects to slash the value of its assets by up to $17.5 billion after predicting the coronavirus pandemic will depress energy prices for years to come.
The British energy giant on Monday said it will take billions of dollars in impairment charges and write-offs thanks to the lasting effects of the COVID-19 crisis, which has caused oil prices to plummet amid evaporating demand.
BP announced the move as it lowered its long-term projections for energy prices because of the pandemic. The company said the crisis could weaken energy demand for a “sustained period” and speed up the world’s transition away from fossil fuels.
