BP flags major writedowns as pandemic hits price, demand outlooks

摘要

BP plans to write off up to $17.5 billion worth of assets after cutting itslong-term price assumptions for oil and gas to reflect expectations thecoronavirus pandemic will accelerate the shift away from fossil fuels.Flagging "growing expectations" that the pandemic would have alasting impact on global demand for oil and gas, BP said it had loweredits Brent oil and Henry Hub gas price assumption for 2020-50 by 27%and 31%, respectively.BP's new price assumptions for investment planning are now $55/bfor Brent and $2.90/MMBtu for Henry Hub gas on a 2020 real basis,down from a previous outlook of $70/b and $4.30/MMBtu on a 2015real basis. The company also revised its carbon price assumption to$100/mt CO2 equivalent in 2030.