$4.5 Billion Loss at British Oil Giant BP

BP has announced asset impairments of $3 billion to $4.5 billion in the third quarter of 2026.

BP announced a $3-4.5 billion write-down of its assets in the third quarter of 2026.

According to Ambassador Arjan, quoted by Reuters, the British company BP predicted today (Tuesday) that in its financial results report for the third quarter of this year, it will record impairments in the amount of 3 to 4.5 billion dollars in the gas and low-carbon energy sector.

This is the second time in 2026 that the company has recorded large numbers as impairments in its low-carbon business; Previously, in January, a decrease in asset value equal to 4 to 5 billion dollars was predicted for this sector.

BP declined to elaborate on the details of the asset writedown.

Refining index profit margin is expected to reach $46.7 per barrel for this quarter, compared to $29.6 per barrel in the second quarter. It is also expected that the actual refining profit margin will be in the range of 1.9 to 2.1 billion dollars.

In recent years, BP has changed the method of calculating the refining profit margin.

The US-Israeli war against Iran has disrupted the global supply of oil and by increasing prices, it has helped major oil companies to record more profits.

BP expects the company's gas marketing and trading results to be significantly higher in the third quarter compared to the previous quarter.

The company predicts that the upstream sector, i.e. the extraction and production sector of oil and gas, will be between 2.19 and 2.24 million barrels of oil equivalent per day; Meanwhile, the amount of production in the previous quarter was about 2.2 million barrels of oil equivalent per day.