BP announces five billion dollar impairment as strategy shifts back to fossil fuels

BP plc BPannounced on Wednesday that it expects to record between $4 billion and $5 billion in impairments for the fourth quarter, primarily affecting its low-carbon energy portfolio. This significant financial charge comes as the energy giant, headquartered in Great Britain GB, continues to shift its strategic focus and capital allocation back toward traditional oil and gas operations. The company stated that these impairments would be excluded from its underlying replacement cost profit, which serves as its primary measure of net income.