BP takes hit on cut to oil refining in Germany

CEO of BP Murray Auchincloss (R) speaks with with Vice Chairman of S&P Global Daniel Yergin,during the CERAWeek oil summit in Houston, Texas, on March 19, 2024. (Photo by Mark Felix / AFP)

London, United Kingdom — British energy giant BP on Tuesday said it would take a financial hit of up to $2 billion after recently announcing it planned to reduce oil refining in Germany.

BP said upcoming second-quarter results due at the end of July would include an impairment after tax of $1-2 billion.

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“This includes charges relating to the ongoing review of our Gelsenkirchen refinery in Germany that was announced in March,” BP said in a trading update.

In reaction, BP’s share price slid 3.6 percent to 458 pence at the start of trading, making it the biggest faller on London’s top-tier FTSE 100 index, which opened slightly down overall.