Elliott's Reset Forced BP's Capital Cuts. Its Filings Blame Them for Archaea.

BP discounts a 25-year methane contract at its oil-exploration rate, and its own filings blame the $2.3bn capital cut, not the RNG market, for the $970m impairment.

BP’s Archaea impairment is being read as a verdict on renewable natural gas. Read BP’s own filings and it is mostly a verdict on BP’s capital budget: the company impaired an asset it had decided to stop funding, and is now selling it.