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BP to write down up to $17.5 billion in second quarter, lowers oil price expectations to 2050

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BP logo seen in Krakow. On Monday, May 11, 2020, in Krakow, Poland.

Artur Widak | NurPhoto via Getty Images

Energy giant BP announced Monday it had lowered its oil price expectations through to 2050, saying the aftermath of the coronavirus pandemic was likely to accelerate the transition to a lower carbon economy and energy system.

The U.K.-headquartered oil and gas company said it had been reviewing its portfolio and capital development plans as part of its ambition to become a net-zero company by 2050 or sooner.

It now expects international benchmark Brent crude futures to average around $55 a barrel from 2021 through to 2050, with Henry Hub gas prices forecast to average $2.90 over the same period.

Henry Hub is a natural gas pipeline located in Louisianna and serves as the official delivery location for futures contracts on the New York Mercantile Exchange.

BP’s forecasts for Brent futures and Henry Hub gas prices are down roughly 27% and 31%, respectively, when compared to those cited in the group’s annual report at the end of 2019.  

As a result of its long-term strategic planning and continued focus on capital discipline, BP said it expected to incur non-cash impairment charges and write-offs in the second quarter, estimated to be in an aggregate range of $13 billion to $17.5 billion after tax.

The company said it was unable to precisely determine the impact of the revised impairment testing price assumptions on the group’s financial statements.

Instead, further information would be provided in the firm’s second-quarter results, which are expected to be released on August 4.

Shares of BP dipped around 4% during early morning deals. 

Brent crude futures traded at $38.11 a barrel on Monday morning, around 1.6% lower, while U.S. West Texas Intermediate crude futures stood at $35.20, down almost 3%.

Earlier this month, BP said it would cut 10,000 jobs from the current 70,100 in response to the coronavirus crisis, with the majority of those affected leaving by the end of this year.

‘Build back better’

Bernard Looney, chief executive of BP, said in a statement that the coronavirus outbreak “increasingly looks as if it will have an enduring economic impact.”

“We have reset our price outlook to reflect that impact and the likelihood of greater efforts to ‘build back better’ towards a Paris-consistent world,” Looney said.

“We are also reviewing our development plans. All that will result in a significant charge in our upcoming results, but I am confident that these difficult decisions — rooted in our net zero ambition and reaffirmed by the pandemic – will better enable us to compete through the energy transition,” he added.

In mid-February, Looney laid out a new direction for the company in a statement entitled: “Reimagining energy, reinventing BP.” It outlined the oil and gas firm’s ambition to become a net-zero company by 2050 or sooner.

BP has since doubled down on this goal. Looney told CNBC in April that there were three reasons to believe the coronavirus pandemic, which has created an unprecedented demand shock, had left the company even more committed to achieving its aims. 

He explained the virus outbreak had only added to the challenge for oil outlooks in the future, and reminded people of the frailty of the ecosystem, adding that renewable stocks had become a very attractive proposition.

Source: https://www.cnbc.com/2020/06/15/oil-bp-announces-write-downs-lowers-brent-price-expectations-to-2050.html

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eBay makes a dedicated portal for officially refurbished gear

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eBay launches a Certified Refurbished site for used goods
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eBay is taking on Amazon Warehouse with a new destination called Certified Refurbished, selling used goods from brands like Lenovo, Microsoft and Makita. The idea is that you can buy second-hand products at significant discounts over new, but still get a two-year warranty (from Allstate), a money-back guarantee and 30-day “hassle-free” returns, along with new accessories, manuals and manufacturer-sealed packaging.

eBay’s Certified Refurbished has five priority categories: laptops, portable audio,power tools, small kitchen appliances and vacuums. It offers several brand exclusives, including De’Longhi, Dirt Devil, Hoover, Makita and Philips, along with inventory exclusives from Dewalt, iRobot and Skullcandy. It’s also selling products from participating brands including Dell, Acer, Bissel, Black & Decker, Cuisinart, KitchenAid, Lenovo, Microsoft, Miele and Sennheiser.

To make the cut, manufacturers must offer items in “pristine, like-new condition that has been professionally inspected, cleaned, and refurbished by the manufacturer, or a manufacturer-approved vendor,” according to eBay. It also must be in new packaging with original or new accessories.

For an example of the savings, the site is offering Dell’s best-equipped 2020 XPS 15 9500 for $1,950, or $650 off the current price at Dell. Samsung’s Powerbot R7040 robot vacum is $199 rather than $399, and if you’re looking for a drill, Dewalt’s 20V combo tool kit used costs $235, while a new version runs $399 on Amazon.

eBay Certified Refurbished doesn’t have as many categories or brands as Amazon Warehouse or Amazon Renewed, but it seems to offer free shipping on most items, along with the guarantee and other perks. It’s now available to users in the US, and eBay said that applications are now open to retailers in Australia.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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The Morning After: GMC’s Hummer EV, AOC on Twitch and iPhone 12 reviews

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The 5G iPhones are almost here. This time around, Apple is offering four models in its iPhone 12 lineup and while we haven’t tested all of them (the 12 mini and the 12 Pro Max are coming later), we’ve given the other two devices our full scrutiny. And we kind of had to — the iPhone 12 and 12 Pro are remarkably similar phones in so many ways.

iPhone 12 and iPhone 12 Pro

No, seriously, if you didn’t spot the third camera (the telephoto one that does zoom), you’d struggle to tell them apart by eyesight alone. You can take this two ways: The Pro phones don’t warrant the extra money this time around, or the iPhone 12 is a well-priced phone where you make barely any compromises. Our full review combines both phones for these very reasons. 

If you’re looking for an even cheaper iPhone, wait for that iPhone 12 mini, perhaps. And if you want the very best imaging in an iPhone, wait for the iPhone 12 Pro Max, which has even better cameras than the smaller Pro model. Yes, it’s easy to get confused. Oh and the iPhone 11 is still on sale, too!

— Mat

GMC’s 1000HP Hummer EV is an ‘all-electric supertruck’

After a series of teasers dating back to the Super Bowl, GMC finally revealed the new Hummer. 

The GMC HUMMER EV is driven by next-generation EV propulsion technology that enables unprecedented off-road capability, extraordinary on-road performance and an immersive driving experience.

The four-door crew cab boasts AWD, 1,000 HP and 11,500 ft/lb of torque generated by three motors run from the vehicle’s Ultium battery pack. That’s enough oomph to reportedly propel it from standing to 60MPH in just three seconds, the same timing as the Rivian R1, and an announced range of 350 miles.

Ultium batteries come in sizes as large as 200kWh — double what you’d find in a Model S and 80kWh bigger than what the massive Bollinger B1 uses — however, GMC has not confirmed what the Hummer EV is sporting. Using the higher throughput recharge options and the fact that the Hummer EV utilizes an 800V power architecture, GMC estimates the Hummer EV will fill 100 miles worth of power in just ten minutes using DC at 350kWh.

The Hummer will also have something called Crab Mode, where the front and rear wheels rotate at the same tilt angle, so the vehicle moves diagonally — you know, like a crab. According to GMC, the Hummer EV will be able to scale “18-inch verticals and [drive] through water that is more than two feet deep,” and its open-air Infinity Roof consists of removable, transparent “sky panels.”

The 2021 Hummer EV Edition 1 is slated for release in fall 2021. It will have a starting MSRP of $112,595. The model year 2022 Hummer EV is expected to retail for $99,995, the 2023 should start at $89,995 and the 2024 model (which will not include a third motor) will start at $79,995.
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AOC’s ‘Among Us’ Twitch stream peaked at over 435,000 viewers

The stream encouraged viewers to make a plan to vote on or before Election Day.

AOC's 'Among Us' Twitch stream

Last year, Donald Trump joined Twitch — before enduring a two-week ban over hateful content — and now US Representative Alexandria Ocasio-Cortez has joined the service. Her first broadcast featured games of Among Us played with fellow Rep. Ilhan Omar and a few popular streamers. 

That proved to be a good strategy, as Twitch reports the concurrent viewer count peaked at 435,000. That’s the third highest count we’ve heard of, behind the Ninja/Drake stream in 2018 that topped 600k and Shroud’s return stream that crossed 500k.
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NASA’s OSIRIS-REx successfully collected bits of an orbiting asteroid

After over a decade of planning, the $800 million mission achieved a major milestone.

OSIRIS-REx

NASA made history on Tuesday afternoon as its OSIRIS-REx spacecraft successfully “tagged” the asteroid 101955 Bennu, and in doing so collected a small sample of regolith from the passing celestial body’s surface. This marks the first time a NASA mission has managed to intercept, interact with and collect samples from an asteroid.

Collecting those samples involved a never-before-tried technique dubbed the touch-and-go (TAG). Before beginning its approach, the OSIRIS unfolded and deployed its Touch-And-Go Sample Acquisition Mechanism (TAGSAM) while pulling its solar panels back into a Y-shape so that if the TAGSAM arm did accidentally overshoot and crunch into Bennu, the rest of the spacecraft would still have the necessary power to function. 

To ensure it has a sufficiently large sample, OSIRIS will first take a picture of the collector head to confirm the presence of regolith, and then on Saturday, will extend its TAGSAM arm and spin on its axis like a centrifuge to measure the mass of rock and dust in the collection bin. If all goes well, the collection capsule will return to Earth at the Utah Test and Training Range in 2023.
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The Department of Justice sues Google over antitrust concerns

This is arguably the biggest antitrust move since the government sued Microsoft in 1998.

On Tuesday, the US government’s Department of Justice filed an antitrust lawsuit against Google. The company, which is a part of Alphabet, is accused of having an unfair monopoly over search and search-related advertising. In addition, the department disagrees with the terms around Android, the most widely used mobile operating system, that forces phone manufacturers to pre-load Google applications and set Google as the default search engine. 

Rebutting the charges, Google’s chief legal officer Kent Walker wrote that “People use Google because they choose to, not because they’re forced to or because they can’t find alternatives.”
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Sony plans to optimize the PS5’s fan speed using game data

What a cool idea. Who’s a fan?

PS5 teardown

Sony will be monitoring the system and collecting data on individual games, so if a game really taxes the PS5, the fans could kick in at higher (and noisier) speeds to keep things running smoothly. These currently theoretical fan optimizations would presumably be delivered via software updates. PlayStation owners are used to firmware patches that change or add new features to their system. But an update that changes the physical performance of the hardware? That’s unusual.
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But wait, there’s more…

Windows 10’s October 2020 update is rolling out with a refreshed Start menu

Quibi chairman reportedly looked into selling its content library

Impossible Foods is working on plant-based milk that tastes like the real thing

DJI’s Pocket 2 handheld promises higher quality and mods

Photoshop’s new AI features include neural filters and sky replacement

‘Fortnite’ will host a Halloween ‘cross reality’ concert with singer J Balvin

Adobe’s tool to identify edited images comes to Photoshop

Cyberpunk 2077’s dialogue was lip-synced by AI

Novation and Aphex Twin’s limited-edition Bass Station II embraces the weird

In this article: themorningafter, newsletter, gear
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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Vivo phones are coming to Europe

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Vivo has expanded its reach and announced its entry into the UK, France, Germany, Italy, Poland and Spain. The Chinese tech manufacturer has also presented its first European line-up at an online media briefing broadcast from Dusseldorf, Germany, revealing that it’s hoping to win new fans in the region with the Vivo X51 5G. As Trusted Reviews notes, the flagship phone’s specs are almost identical to the X50 Pro with its micro gimbal camera that can keep videos stable. The main difference between the two is that the X51 5G has software modified for the European market.

Aside from the new flagship, Vivo is making its European debut with a series of mid—range smartphones: the Y70, Y20s and Y11s. It’s also releasing two Google Assistant-capable wireless earphone models in the region. First is the True Wireless Stereo Earphone Neo, which features AI noise canceling, while the other is Vivo’s Wireless Sport Earphone. The latter was designed for outdoor activities and hence boasts strong battery performance.

In its announcement, Vivo says its European launch followed extensive preparations, including research and interviews with 9,000 people across the continent. Vivo has a pretty decent share of the global smartphone market and is the sixth leading manufacturer in the world, according to Counterpoint Research. Like other Chinese OEMs venturing into Europe, though, it may see the continent as a market that promises even more growth, in part due to an opening left by Huawei after it was placed in the US entity list. The move prevents the manufacturer from offering Google’s services on its devices and from working with other US companies. Huawei used to be pretty popular in Europe until 2019, when it saw its sales drop in the region. The company was only able to prevent its numbers from slipping too much this year by re-releasing older devices, which can still use Google’s services, in the continent.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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