BP to take up to US$17.5b hit on coronavirus

[LONDON] British energy giant BP revealed Monday that it will take a hit of between US$13 billion to US$17.5 billion in the second quarter on "sustained" coronavirus fallout.

"With the Covid-19 pandemic having continued during the second quarter of 2020, BP now sees the prospect of the pandemic having an enduring impact on the global economy, with the potential for weaker demand for energy for a sustained period," it said in a statement outlining the impact of both non-cash impairments and write-offs.

BP had already axed 10,000 jobs on Covid-19 fallout one week ago.

AFP