The energy company will take impairments as it refocuses on oil and gas amid strategic shifts.
BP plans to record approximately $1 billion in impairments for its gas and low-carbon energy business in the second quarter. The charge reflects the company’s ongoing pivot back toward traditional oil and gas operations.
The impairment follows a broader industry trend of reevaluating low-carbon investments amid shifting energy priorities. BP had previously signaled a strategic realignment, though the scale of the charge underscores its renewed emphasis on hydrocarbons.
No immediate market reaction was detailed in the announcement.