BP Sees After-tax Charge Of $2 Bln To $3 Bln In Q3 On Divestments - Quick Facts

(RTTNews) - British energy giant BP Plc. (BP.L, BP_UN.TO, BP) announced Friday that it now expects announce agreed transactions by the end of 2019 for its planned two-year $10 billion disinvestment program, majority of which is expected to be completed by end of 2020.

BP announced the divestment program following the $10.25 billion all-cash acquisition of US onshore assets from BHP in 2018.

The disinvestment program is driven by the progress in divesting assets from its existing, non-BHP US Lower 48 legacy gas business.

The $5.6 billion sale to Hilcorp of BP's Alaskan business - announced in August and subject to regulatory approval - is the largest single agreed transaction and is expected to complete in 2020. BP has also agreed the sale of four packages of legacy gas assets from its US Lower 48 business.

The divestments are expected to result in a non-cash after-tax charge of $2 billion to $3 billion in BP's third quarter 2019 results.