BP takes a $20.4B headline loss post-Russia exit
BP plc (NYSE: BP) posted a massive headline loss of $20.4 billion for the first quarter, making it the largest loss posted by a company after exiting its operations from Russia, post the country’s assault on Ukraine
By Yashasvini Razdan
Published - May 03, 2022, 11:34 PM ET
Last Updated - Feb 26, 2024, 07:09 AM EST
• The company announced a share buyback of $2.5 billion
BP plc (NYSE: BP) posted a massive headline loss of $20.4 billion for the first quarter, making it the largest loss posted by a company after exiting its operations from Russia, post the country’s assault on Ukraine.
The company posted a pretax accounting charge of $25.5 billion related to its decision to exit its Russia holdings, along with a $13.5 billion write-down of its nearly 20% stake in the government-owned, Rosneft.
