BP to take up to $3 billion charge as result of divestment program

Oil major BP now expects to deliver divestment proceeds and announced transactions totalling around $10 billion by the end of 2019, comprising the majority of its two-year divestment program planned to complete by the end of 2020.

Following the $10.25 billion all-cash acquisition of US onshore assets from BHP in 2018, BP announced a $10 billion divestment program over 2019 and 2020.

BP said on Friday that the strong progress in delivering the program had been driven by the agreed sale of BP’s interests in Alaska, as well as progress in divesting assets from its existing, non-BHP US Lower 48 legacy gas business.

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