BP Sees U.S. Earnings Boost from Tax Change; Will Take $1.5 Billion One-Off Charge

BP PLC (BP.LN) said Tuesday that it expects recent changes to U.S. corporate taxes to boost its future earnings, but added that it will take a one-off $1.50 billion non-cash charge due to the revaluation of deferred tax assets and liabilities.

The oil company said the one-off charge will impact its fourth-quarter results for 2017, which are due to be released on Feb. 6.

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The tax law passed by Congress late last year and signed by President Donald Trump on Dec. 22 includes a reduction of the corporate-tax rate to 21% from 35% and limits on the deductibility of corporate interest payments.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

January 02, 2018 02:29 ET (07:29 GMT)