Energy

BP announces write downs, lowers Brent price expectations to 2050

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BP logo seen in Krakow. On Monday, May 11, 2020, in Krakow, Poland.

Artur Widak | NurPhoto via Getty Images

Energy giant BP announced Monday it had lowered its oil price expectations through to 2050, saying the aftermath of the coronavirus pandemic was likely to accelerate the transition to a lower carbon economy and energy system.

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.

It now expects international benchmark Brent crude futures to average around $55 a barrel from 2021 through to 2050, with Henry Hub gas prices forecast to average $2.90 over…



Source cnbc.com

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