EnergyWatch

Russian exit costs BP USD 25bn

On underlying parameters, the UK oil outfit showed advances, but a hefty impairment related to the company’s decision to relinquish its stake in Russian oil outfit Rosneft leads to a massive loss of USD 20bn.

Photo: Ben Stansall/AFP / AFP

On paper, 2022 should so far have been a prosperous time for any oil or gas company, as prices have skyrocketed. But as is often the case, reality looks quite different when all nuances are brought to the fore.

This is certainly the case for British supermajor BP, which comes out of the first quarter of the year with a deficit of USD 20.38bn. In comparison, the first quarter of 2021 came with a profit of USD 4.9bn.

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