BP expects up to $2 billion impairment in 2Q on weak refining margins

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BP expects up to $2 billion impairment in 2Q on weak refining margins

BP in 2020 set out its ambition to become a net zero company “by 2050 or sooner.”

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BP shares dropped on Tuesday after the firm flagged it expects to post an impairment of up to $2 billion in the second quarter and warned of lower refining margins weighing on its results.

BP shares dropped 3% in early market trading at 08:18 a.m. London time.

In a Tuesday statement, the company said it anticipates weak refining margins and oil trading performance will weigh on its second-quarter results, due out on 30 July. The hit is estimated between $500 million to $700 million.

The energy firm also expects to record post-tax asset impairments and contract provisions in the range of $1 billon to $2 billion in the second quarter. The hit includes charges relating to BP’s ongoing review of its Gelsenkirchen refinery in Germany.

Upstream production in the second quarter is now expected to be “broadly flat” compared to the previous quarter, BP said, adding that it anticipates an average gas marketing and trading result.

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