BP Reports Up to $5 Billion Impairments and Weak Oil Trading, Expects Debt Reduction

BP announced it expects to record impairments of $4 billion to $5 billion in the fourth quarter, mainly related to its gas and low-carbon energy segment. The company also warned of weak oil-trading performance impacting earnings, similar to peer Shell. Despite these challenges, BP anticipates net debt reduction to between $22 billion and $23 billion by quarter-end, down from $26.1 billion previously, as it focuses on strengthening its balance sheet and simplifying its portfolio.