BP will take a writedown of up to $17.5bn (€15.5bn) in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels. "We have reset our price outlook to reflect that impact and the likelihood of greater efforts to 'build back better' towards a Paris-consistent world," Looney said in a statement. BP revised its assumptions for benchmark Brent crude oil prices to an average of about $55 a barrel between 2021 and 2050 and Henry Hub gas to $2.90 per million British thermal units. The revised prices are down around 30pc from previous assumptions, a company spokesman said. As a result, BP will take non-cash impairment charges and write-offs in the second quarter in a range of $13bn to $17.5bn after tax, the company said.

Source: Irish Independent June 15, 2020 07:41 UTC