BP slumps to $20.4bn loss because it books price of Russia oil and gasoline go out | Industry Information

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BP has reported a lack of $20.4bn (£16.3bn) for the primary quarter of the yr because it booked a sequence of steep fees associated with its go out from Russia amid the battle in Ukraine.

The corporate reported a internet benefit of $6.25bn for the January-March length – its best possible in over a decade – because of robust oil and gasoline costs that had already proved profitable forward of Vladimir Putin’s invasion.

However its base line was once hit via a $24bn writedown of its 19.75% stake in Russian oil large Rosneft and two different joint ventures.

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