BP PLC (BP) said it expects to incur up to $17.5 billion in non-cash impairment charges and write-offs in the second quarter, as the enduring impact of the coronavirus pandemic on the global economy is poised to lead to weaker energy demand for a sustained period.Shares fell 5.6% to $23.36 in Monday’s pre-market trading.The charge, which is estimated to be in an aggregate range of $13 billion to $17.5 billion post-tax, comes after BP lowered its investment appraisal long-term price assumptions by an average of about 30% and extended the period covered to 2050.The revised long-term price assumptions are now …read more
Source:: Yahoo Finance
