Energy giant BP reported lower-than-expected profit in the third quarter and announced a half-billion dollar charge on three wind farms off the coast of New York. The company's gas and low carbon energy division saw a decrease in production, while oil production increased. BP expects production restrictions and a rebound in demand to support prices. Additionally, the company's request to renegotiate agreements on the wind farms was refused, resulting in a pre-tax impairment charge of $540 million.
Energy giant BP’s profit missed expectations in the three months to the end of September and the company flagged a more than half-billion dollar charge it had taken on three wind farms off the coast of New York.
In June, the business and Norway’s Equinor filed a request with the authorities in New York to renegotiate the agreements they had on three wind farms amid soaring inflation and delays. It had been a turbulent quarter at the top for BP. Boss Bernard Looney stepped down from the top job after it was revealed that he had not fully disclosed prior relationships with BP staff members to the board.
BP Profit Wind Farms Production Oil Opec+ Demand Inflation Delays Bernard Looney
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