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BP to write down assets $17.5 billion

BP to write down assets $17.5 billion

The giant oil company, BP told shareholders the company expected to write down as much as $17.5 billion of its oil and gas holdings in its next quarterly report. The write-downs are a recognition that the oil and gas fields BP owns are not worth as much as they used to be. The move reflects broad changes in the energy industry as companies adjust to lower demand for oil.

David
David
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