BP’s $20 Billion Loss, EU Mulls Russia Crude Ban, HSBC Investors Sanguine About Break Up Calls

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ValueWalk

“$20.4 billion is an eye-watering quarterly loss for BP plc (LON:BP) but it’s far from unexpected. The market had already factored in a huge hit due to its Russia exit and now the company has unveiled the price to pay is a big and bold $25.5 billion. That’s the amount it has set aside in pre-tax charges and the cost of extricating itself from Rosneft. Q1 2022 hedge fund letters, conferences and more But surprising on the upside is the boost to underlying profits which came in at $6.2 billion, sharply higher than the consensus expected of around $4.5 billion. The company has been raking in cash…

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