BP Lowers Oil Outlook. Expects to Take up to $17.5B Writedown

BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels.

The earnings are due on Aug 4 and CEO Bernard Looney in September is set to announce his strategy to “reinvent” BP including a smaller focus on oil and gas and a larger renewables business.

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