BP, the UK's leading energy company, announced Tuesday that it was expecting US President Donald Trump's tax reforms to bring in $ 1.5 billion ($ 1.2 billion). ; euros).
"The lowering of the US corporate tax rate to 21% requires a revaluation of BP's deferred US deferred tax assets and liabilities," the company said in a statement.
"The current estimated impact of this will be a single non-cash charge on the group's income statement of approximately $ 1.5 billion that will impact BP's results for the fourth quarter of 2017. "
However, the energy giant warned that long-term profits would be "positively impacted" by US changes.
BP is expected to release its fourth-quarter figures on February 6.
Trump enacted a radical reform of the US tax code during his first major legislative victory since he came to power almost a year ago.
This measure is expected to boost corporate and bank profits in the medium and long term by lowering the corporate tax rate from 35% to 21%.
However, several large corporations have reported that the law will result in a short-term decline in income repatriated overseas. The reform taxes these revenues at 15.5% on cash and cash equivalents and 8% on real estate and other illiquid assets.
Other major companies that alluded to one-off successes in the fourth quarter include BP's leading competitor, Royal Dutch Shell, as well as Barclays and Credit Suisse.