The oil firm is expecting a second quarter impairment charge of between a billion and 2 billion US dollars (£781 million to £1.6 billion).
Oil giant BP’s shares have come under pressure after it warned of an impairment charge of up to 2 billion US dollars in its second quarter.
This includes a blow from previously announced moves to review its refining operations in Germany from 2025. Jefferies analysts said they expect BP’s latest update to lead to an earnings downgrade of around 20% for the second quarter. The firm said the cost of crude averaged 84.97 US dollars per barrel in the second quarter, up from 83.16 US dollars in the previous three months.
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