BP slumps to $20.4bn loss as it books cost of Russia oil and gas exit | Business News


BP has reported a loss of $20.4bn (£16.3bn) for the first quarter of the year as it booked a series of steep charges related to its exit from Russia amid the war in Ukraine.

The company reported a net profit of $6.25bn for the January-March period – its highest in over a decade – thanks to strong oil and gas prices that had already proved lucrative ahead of Vladimir Putin’s invasion.

But its bottom line was hit by a $24bn writedown of its 19.75% stake in Russian oil giant Rosneft and two other joint ventures.


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