BP PLC is writing down as much as $17.5 billion of its assets and might leave some of its oil and gas in the ground because of lower energy prices and weakened demand amid the global crisis caused by the novel coronavirus.
BP will slash up to $17.5bn off the value of its oil and gas assets after taking a more downbeat view of longer-term oil prices in the wake of the coronavirus pandemic, which it expects to hasten the shift away from fossil fuels. The UK energy major said on Monday that coronavirus would have a lasting impact on the global economy as well as on oil and gas demand, and that it expected the crisis to accelerate the transition towards cleaner energies. Its move is the biggest recognition yet among the largest oil and gas players that tens of billions of dollars worth of investment could be rendered uneconomic as the world pursues the Paris climate goals.
Nick Note: Maybe they did not hear CRDLOW the White House sell out explaining how the Coronavirus is gone! People will drive and fly before they die. And kill the cats because they carry the virus!