January 2, 2018 / 7:21 AM / 10 months ago

BRIEF-BP Plc announces estimated impact on BP results due to US tax changes

Jan 2 (Reuters) - BP Plc:

* ‍US TAX CHANGES - ESTIMATED IMPACT ON BP RESULTS​

* ‍EXPECTS FUTURE US AFTER-TAX EARNINGS TO BE POSITIVELY IMPACTED BY RECENTLY-ENACTED CHANGES TO US CORPORATE TAXES

* ‍ULTIMATE IMPACT OF CHANGE IN US CORPORATE INCOME TAX RATE IS SUBJECT TO A NUMBER OF COMPLEX PROVISIONS IN LEGISLATION WHICH BP IS REVIEWING​

* ‍CURRENT ESTIMATED IMPACT WILL BE ONE-OFF NON-CASH CHARGE TO GROUP INCOME STATEMENT OF AROUND $1.5 BILLION THAT WILL IMPACT BP'S Q4 2017 RESULTS​

* ‍LOWERING OF US CORPORATE INCOME TAX RATE TO 21% REQUIRES REVALUATION OF BP'S US DEFERRED TAX ASSETS AND LIABILITIES​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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