BP sees impairment charge of up to $2B on Q2 results

BP said expects to take an impairment charge of up to $2B to its Q2 results partly because of a review of refining activities in Germany it announced in March. The company said on Tuesday that it expects its Q2 results to be hit by “post tax asset impairments and one-off contract provisions of between $1B-$2B”, which includes the hit from the scaling back of refining operations at the Gelsenkirchen refinery from 2025, due to high costs and declining demand for fuels. BP also said that lower refining margins would hit its earnings by $500M-$700M.