BP announced a $1 billion writedown on its energy transition assets for the second quarter, adding to up to $5 billion in earlier impairments this year. The move comes as new CEO Meg O'Neill reorients the company toward its core oil and gas business, restructuring leadership and reporting lines. The writedowns highlight the financial challenges major oil companies face when scaling low carbon investments, especially when returns don't match expectations. While BP's oil trading improved slightly and gas trading held steady, overall oil and gas production dropped due to US maintenance and Middle East disruptions. The company also reduced its debt. For those tracking carbon markets and corporate climate strategy, this signals that even large players are reassessing the economics of their green energy bets, which could affect project finance and the pace of grid decarbonization.
