BP Takes $25.5 Billion Hit From Russia Exit

BP PLC took a $25.5 billion pretax accounting charge related to its decision to exit its Russia holdings, including its stake in government-controlled oil producer Rosneft , by far the biggest financial hit tallied by companies pulling back from the country after its invasion of Ukraine.

The London-based company said Tuesday that the charge dragged it into a $20.4 billion headline loss for the first quarter despite soaring commodity prices that poured cash into major oil companies’ coffers. The loss included a $13.5 billion write-down of BP’s nearly 20% stake in Rosneft that reflected its carrying value as of Feb. 27.

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