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BP takes $17.5B hit as pandemic accelerates emissions cuts

June 15, 2020

Via: ABC News

LONDON — Energy company BP is writing down its oil and gas assets by as much as $17.5 billion and will review its plans to develop oil wells as the shock to the industry and world demand from the COVID-19 pandemic pushes major producers to consider a faster shift away from fossil fuels.

Chief Executive Bernard Looney said Monday that the pandemic is forcing the company to face the long-term impact on the economy, together with the likelihood of weaker demand for a longer period of time. The company pledged in February to become a net-zero emissions company by 2050, and the pandemic has forced them to re-consider their assumptions once more.

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