BP warns of up to $5 billion of energy transition writedowns

BP Plc said it expects to take as much as $5 billion in writedowns from its energy transition business, just weeks after a leadership change as it pivots back to fossil fuels.

In an update ahead of earnings next month, the energy giant also flagged weak oil trading and flat production for the fourth-quarter, while net debt was reduced.

The update follows the shock ouster of chief executive officer Murray Auchincloss, who sought to reset the company after years of failed low-carbon bets and pressure from activist shareholder Elliott Investment Management. -