BP expects multibillion-dollar impairment charges, write-offs in Q2

London-based BP PLC (NYSE: BP), which has its U.S. headquarters in Houston, is bracing for the ongoing effects of the Covid-19 pandemic.

The energy giant expects noncash impairment charges and write-offs in the second quarter to total between $13 billion to $17.5 billion post-tax, according to a June 15 press release. Although BP cannot precisely determine the final figures at this time, it’s currently considering noncash, pre-tax impairment charges against property, plant and equipment (PP&E) between…