The charge comes as the energy major shifts its strategy back toward oil and gas, signaling a retreat from parts of its lower-carbon push.
BP recorded a $1 billion impairment charge in the second quarter tied to its gas and low carbon energy unit, marking a balance-sheet hit as the company reorients its strategy toward oil and gas. The charge suggests BP is reassessing the value of assets linked to its lower-carbon and gas businesses while prioritizing more traditional hydrocarbon operations.