BP Books $25.5 Billion Impairments on Russia Exit
03 Mai 2022 - 8:47AM
Dow Jones News
By Jaime Llinares Taboada
BP PLC on Tuesday reported impairments of $25.5 billion
following the decision to exit its 19.75% shareholding in Russia's
Rosneft Oil Co.
As a result, the British energy major booked a net loss of
$20.38 billion for the first quarter of the year--compared with a
$2.33 billion profit in the fourth quarter of 2021.
Underlying replacement cost profit, the company's preferred
metric, rose to $6.25 billion from $4.07 billion, reflecting
exceptional oil and gas trading profits, higher oil realizations
and a stronger refining result. This was above the market consensus
of $4.49 billion compiled by BP and averaged from 26 brokers.
BP declared a dividend of 5.46 cents a share for the first
quarter, in line with the immediately prior period, and a share
buyback of $2.5 billion.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 03, 2022 02:32 ET (06:32 GMT)
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