BP Stock Drops After Company Warns of Impairments of Up to $2 Billion in Q4

Core Viewpoints - BP stock is declining in premarket trading due to expected impairments of $1.0 billion to$2.0 billion in Q4 [1][3] - The company anticipates weaker refining margins in Q4 [2][3] - BP's upstream production is expected to be lower than Q3's 2.4 million oil-equivalent barrels per day [1] Financial Impact - BP expects to book non-cash, post-tax charges of $1.0 billion to$2.0 billion in Q4 across its units [1] - The company's U.S.-listed shares are down about 1.3% in premarket trading but are up 7% year-to-date through Monday's close [2][3] Operational Updates - BP's upstream production is projected to decrease compared to Q3's output of 2.4 million oil-equivalent barrels per day [1] - The company forecasts weaker refining margins for Q4 [2][3] Leadership Update - CEO Murray Auchincloss is recovering from a planned medical procedure and is expected to return to the office in February [2]