BP slashed its valuation by almost $18 billion as it adjusts to oil's pandemic era new normal

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• BP said it expects to undertake a huge reduction in asset value in the range of $13 billion to $17.5 billion as the energy giant revised its long-term energy price assumptions.
• After weighing its ambitions to transition to a net-zero carbon company by 2050 and the impact of the COVID-19 pandemic, BP said it expects Brent crude to average around $55 per barrel from 2021 through to 2050, and Henry Hub gas prices to fall to $2.90.
• Last week, BP announced it would slash 10,000 jobs in an effort to cope with the global collapse in demand for oil.
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Oil major BP said on Monday that it expects to take a hit of up to $17.5 billion on the value of its assets as the company adjusts to the new reality of the energy industry during the coronavirus era.

"We have been reviewing our price assumptions over a longer horizon," BP's chief executive Bernard Looney said in a statement. "That work has been informed by the COVID-19 pandemic, which increasingly looks as if it will have an enduring economic impact."

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