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BP takes $17.5B hit as pandemic accelerates emissions cuts

Britain BP
Posted at 11:57 AM, Jun 15, 2020
and last updated 2020-06-15 14:57:04-04

LONDON — (AP) — Energy company BP says it is writing off up to $17.5 billion from its oil and gas assets. It will also review its plans to develop oil wells as the COVID-19 pandemic hits demands.

BP says the crisis is accelerating its goal of decreasing its reliance on fossil fuels, something that analysts say will become more common across the industry. The CEO said Monday that the pandemic is forcing the company to face the long-term impact on the economy and the likelihood of weaker demand for a longer period of time.

The company pledged in February to become a net-zero company by 2050.