LONDON: BP expects to hit its US$10 billion disposal program by the end of 2019, almost one year ahead of schedule, which will however result in a US$2-US$3 billion charge in the third quarter.
As a result of the agreed divestments, BP expects to take a non-cash, non-operating, after-tax charge of US$2-3 billion in its third quarter results, it said.The London-based company said in a statement that it expects to agree on US$10 billion of asset sales following the US$5.6 billion sale of its Alaskan business to Hilcorp, announced this year, as well as divestments in its U.S. shale gas business.
BP announced the disposal program following its US$10.25 billion acquisition of BHP's shale business last year, its largest acquisition in three decades.
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