Bernard Looney, chief executive of BP, said the coronavirus outbreak 'increasingly looks as if it will have an enduring economic impact.'
The U.K.-headquartered oil and gas company said it had been reviewing its portfolio and capital development plans as part of its ambition to become a net zero company by 2050 or sooner.
The U.K.-headquartered oil and gas company said it had been reviewing its portfolio and capital development plans as part of its ambition to become a net zero company by 2050 or sooner.crude futures to average around $55 a barrel from 2021 through to 2050, with Henry Hub gas prices forecast to average $2.90 over the same period.
BP's forecasts for Brent futures and Henry Hub gas prices are down 27% and 31%, respectively, when compared to those cited in the group's annual report at the end of 2019. The company said it was unable to precisely determine the impact of the revised impairment testing price assumptions on the group's financial statements.
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