toedenoedelie schreef op 2 november 2021 09:29:
However, the company reported a headline loss of $2.5 billion for the third quarter as a result of “significant adverse fair value accounting effects.” These saw the company take a $6.1 billion hit which it attributed to the “exceptional” rise in forward gas prices towards the end of the quarter.
Looney told CNBC on Tuesday that the discrepancy between the headline and underlying figures was a “simple timing effect” under IFRS reporting rules, which mean BP is “accounting for hedge and not accounting for the value of the portfolio.”
He confirmed that this did not mean the hedges had gone wrong, just that the company was “accounting on one side of the equation and not on the other side, as required by IFRS, and this will unwind over time.”