British energy giant BP plunges into a huge net loss in the first quarter after it decided to exit Russia over the Ukraine conflict
British energy giant BP has plunged into a huge net loss in the first quarter after it decided to exit Russia over the Ukraine conflict.
The loss after tax stood on Tuesday at $20.4 billion following BP's decision in February to pull its 19.75-percent stake in energy group Rosneft, ending more than three decades of investment in Russia."Our decision... to exit our shareholding in Rosneft resulted in the material non-cash charges and headline loss," BP chief executive Bernard Looney said in a statement.
It comes after the EU on Monday warned member states to prepare for a possible complete breakdown in gas supplies from Russia, insisting it would not cede to Moscow's demand that imports be paid for in rubles.Brent crude futures fell 23 cents, or 0.2 percent, to $107.35 a barrel at 0532 GMT, wiping out gains earlier in the day in trading thinned by holidays in China, Japan and parts of Southeast Asia.
US West Texas Intermediate crude futures similarly dropped 24 cents, or 0.2 percent, to $104.94 a barrel, after hitting an intraday high of $105.80. Both benchmark contracts rose more than 40 cents on Monday and extended those gains modestly in early trade on Tuesday.
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