By Amanda Jordan
January 2, 2018, 2:42 AM EST Updated on January 2, 2018, 3:40 AM EST
BP Plc, the British oil major that invests more in the U.S. than anywhere else, expects to take a charge of about $1.5 billion following recent tax changes in the country, despite the prospects of long-term gains from the legislation.
“The lowering of the U.S. corporate income-tax rate to 21 percent requires revaluation of BP's U.S. deferred tax assets and liabilities,” the London-based company said Tuesday in a statement. “The current estimated impact of this will be a one-off non-cash charge” affecting fourth-quarter 2017 results. More...