BP flags up to $5 billion in low-carbon energy impairments [BNN Bloomberg (Canada)]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: BNN Bloomberg
redirects spending to oil and gas to boost returns under new leadership including Chair Albert Manifold. The British company said in a trading statement on Wednesday ahead of results on February 10 that the impairments are excluded from underlying replacement cost profit, its version of net income. A spokesperson declined to say which projects were affected. BP's low-carbon portfolio also includes U.S. biogas producer Archaea which BP bought in 2022 for $4.1 billion. Citi analysts said they suspected impairments might be linked to this unit. After taking a $24 billion hit from exiting Russia in 2022, BP - with a current market capitalisation of around $91 billion - recorded impairments of $5.7 billion in 2023, $5.1 billion in 2024 and has flagged around $6.9 billion for last year, according to its releases and Reuters calculations. ‘Clearing the decks' The company slashed its annual spending on energy transition businesses about a year ago from $7 billion to a maximum of $2
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BP
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- 11/5/25 - Beat
BP
Sec Filings
- 1/14/26 - Form 6-K
- 1/13/26 - Form 6-K
- 1/2/26 - Form 6-K
- BP's page on the SEC website