The non-cash, nonoperating, after-tax charge will impact the company’s headline profit figure but not its underlying cash flow, a spokesman said. BP announced the disposal program following its $10.25-billion acquisition of BHP’s shale business last year, its largest purchase in three decades.
The planned third-quarter impairment charges are expected to increase BP’s gearing – the ratio between debt and market capitalization – to the top end of the 20 per cent to 30 per cent target, BP said.BP’s third-quarter oil and gas production will be impacted by maintenance in some high-margin regions, BP said.
Output in the U.S. Gulf of Mexico was “significantly disrupted” by Hurricane Barry, with facilities shut down for around 14 days.
globebusiness BP_America BP_plc A Few Birds With One Stone..
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