BP faces $1.5B hit under US tax reform: 3 things to know

Oil and gas giant BP estimates a one-time charge of $1.5 billion will affect its fourth quarter 2017 results due to new U.S. tax regulations.

Here are three things to know about how BP anticipates the new law will affect its finances.

1.  In a release to investors Tuesday, the company said its future U.S. earnings under the tax law will be positively affected after the one-time hit. The new U.S. tax law lowers the federal corporate income tax rate from 35 to 21 percent.

2. Details of the final, one-time charge are expected to be disclosed in BP's fourth quarter 2017 results Feb. 6.

3. "The ultimate impact of the change in the U.S. corporate income tax rate is subject to a number of complex provisions in the legislation which BP is reviewing," BP said in the release.

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