BP To Take Up To $17.5bn Hit On Coronavirus
June 15, 2020
4:34 pm
British energy giant BP said Monday that it will take a hit of up to $17.5 billion in the second quarter as “sustained” coronavirus fallout ravages global oil demand.
The company, fresh from outlining plans to axe almost 10,000 jobs on COVID-19 fallout, said in a statement that it will suffer a negative impact of between $13 billion and $17.5 billion (11.4 billion euros and 15.3 billion euros) in non-cash impairments and write-offs.
BP also cut its long-term oil price forecast after the deadly virus outbreak slammed the brakes on the global economy and hurt oil prices this year.
…
