BP will write down between $4bn and $5bn in its energy “transition” segment, the company announced today.
The segment covers BP’s gas and low-carbon energy business.
The company has been pulling back from its renewable ambitions over the past year since then-CEO Murray Auchincloss told investors in February that the company would “fundamentally reset” its strategy.
That month the company said it would cut some $5bn from its annual spending on renewables, and pursue a strategy of growing its wind and solar platforms in a “capital light way”.
BP has spun off its offshore with business into a separate joint venture with Japanese developer JERA, and over the summer put the UK Operations & Maintenance (O&M) of its Lightsource BP venture up for sale, and sold its US onshore wind power business to LS Power.
BP will report its full results for the fourth quarter of 2025 on 10 February.