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BP: US tax reform to have positive impact on results

(CercleFinance.com) - BP expects its future earnings to be positively impacted by the recently-enacted US tax overhaul, the oil major said in a statement on Tuesday.

While the change's ultimate impact is subject to a number of "complex provisions," which the group is still reviewing, BP said the lowering of the US corporate income tax rate from 35% to 21% is already requiring revaluation of US deferred tax assets and liabilities.

The current estimated impact of this will be a one-off non-cash charge of around 1.5 billion dollars, which will impact the group's fourth quarter results, BP said.

Details of the final charge are expected to be disclosed in BP's quarterly announcement, due on 6 February.

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