BP Takes Impairment Charge, Cuts Capex

摘要

BP's eagerly awaited fourth-quarter earnings presentation revealed the company is taking a more bearish view of the oil market than some of its peers and expects prices to remain around current levels for at least a year, if not longer. The company took a $6.5 billion impairment charge during the fourth quarter, primarily made up of a $5.7 billion charge on some of its upstream assets. The charge reflects not only lower oil prices, but also revisions in technical reserves and increases in expected decommissioning costs.