BP Slides After Projecting Up To $2B in Q2 Impairment Charges

BP (BP) American depositary receipts (ADRs) fell successful premarket trading Tuesday aft nan power elephantine said that it expects little refining margins and an impairment complaint of up to $2 cardinal will effect its second-quarter results.

The British lipid and state institution said Tuesday that "significantly little realized refining margins" are projected to person a antagonistic effect betwixt $500 cardinal to $700 cardinal erstwhile it reports second-quarter net astatine nan extremity of nan month.

BP Joins Exxon successful Warning About Refining Margins

BP, which expects to return an impairment complaint betwixt $1 cardinal and $2 cardinal related to a reappraisal of 1 of its German refineries, is not nan only 1 successful nan manufacture informing astir imaginable hits to second-quarter results.

Exxon Mobil (XOM) connected Monday said that little refining margins would origin its second-quarter profits to beryllium betwixt $1.1 cardinal to $1.5 cardinal lower. The institution besides expects little earthy state prices to origin a deed of astir $300 cardinal to $700 cardinal erstwhile it reports net later this month.

BP ADRs, arsenic good arsenic its shares traded connected nan London Stock Exchange, were each down astir 4% arsenic of 8:30 a.m. ET Tuesday.

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