that it expects to take a hit of up to $17.5 billion on the value of its assets as the company adjusts to the new reality of the energy industry during the coronavirus era.
"We have been reviewing our price assumptions over a longer horizon," BP's chief executive Bernard Looney said in a statement."That work has been informed by the COVID-19 pandemic, which increasingly looks as if it will have an enduring economic impact." said its transformed price outlook is based on the likelihood of a global transition toward carbon-efficient fuels leading to a"Paris-consistent world" — referencing the Paris climate agreement — and the ongoing impact of the pandemic.crude to average a price of around $55 per barrel from 2021 through to 2050. That's a reduction of 27% from its previous expectation. Henry Hub gas price forecasts are down 31% to $2.90, when compared to its end-2019 outlook.
Henry Hub, located in Louisiana, serves as the official delivery location for futures contracts on the New York Mercantile Exchange. It has access to major US gas markets.How Fidelity spurred a 147% productivity increase during the coronavirus pandemic, setting it up to hire thousands more workersAs a result of a strategic shift, it expects to incur exploration charges, non-cash and post-tax impairment write-offs in the range of $13 billion to $17.5 billion in the second quarter.
More details are expected to be provided in BP's second quarter results, which it will release on August 4.that BP would cut 10,000 office-based jobs, or about 15% of the company's staff, while"protecting the frontline of the companyEmployees were earlier warned that there would be no pay raises in 2020, but Looney confirmed the company would proceed with pay upgrades beginning October 1 for employees up to mid-level management.
Lets incentivise working Americans with a basic income like we incentivise the rich to develop meds fighters and hire workerjs