BP takes $13bn hit as shift to clean energy accelerates

BP Plc will make the biggest writedown on the value of its business since the Deepwater Horizon disaster a decade ago, as the coronavirus pandemic hurts long-term oil demand and accelerates the shift to cleaner energy. In a dramatic revision that prompted questions about the affordability of its dividend, the British giant cut its estimates for oil and gas prices in the coming decades between 20pc and 30pc. It also expects the cost of carbon emissions to be more than twice as high as before....