BP sees U.S. earnings boost from tax change; will take $1.5b one-off charge
BP PLC 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.
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.
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