BP Expects Up to $5B in Low-Carbon Energy Impairments Amid Shift Back to Oil and Gas

BP expects to book $4-5 billion in Q4 impairments, mainly tied to low-carbon energy businesses, as the company redirects spending to oil and gas to boost returns. The impairments are excluded from underlying replacement cost profit. BP has been slashing its annual spending on energy transition businesses and has had leadership changes, with new CEO Meg O'Neill set to replace interim CEO Carol Howle in April.