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HOT TAKE: BP’s LNG hedge turns sour
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HOT TAKE: BP’s LNG hedge turns sour

But ‘exceptional’ gas trading propels earnings

Seb Kennedy's avatar
Seb Kennedy
Nov 01, 2022
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Energy Flux
Energy Flux
HOT TAKE: BP’s LNG hedge turns sour
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BP took a surprise $10 billion hit on the value of its LNG portfolio in Q3’22 results released today. The impairment dragged the British oil major to a quarterly loss of almost $2.2 billion, eclipsing bumper profits from inflated oil prices.

How did this happen? First, its important to clarify that the loss applies to BP’s results under IFRS (Internation…

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