The BP specified that the expected effect of the reform would be a one-off, non-cash deduction amounting to about 1.5 billion United States dollars and will affect the results for the fourth quarter of 2017.
The company said on Tuesday that the reduction of the USA federal corporate income tax rate from 35% to 21%, which came into force on Monday, will mean its future United States earnings will be "positively impacted".
"The lowering of the United States corporate income tax rate to 21 percent requires revaluation of BP's U.S. deferred tax assets and liabilities", the company said in a statement.
President Trump late last month signed into law HR1, also known as The Tax Cuts and Jobs Act, a $1.5 trillion reform bill.
BP (BP.L) will take a one-off $1.5 billion charge in its 2017 fourth quarter earnings as a result of new US corporate income tax rules, joining rival Royal Dutch Shell.
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BP has large operations in oil and gas production in the Gulf of Mexico and onshore shale operations as well as refineries that can process up to 746,000 barrels per day of crude oil, according to its website.
However, the ultimate impact of the changes in BP's corporate rate is subject to several complex provisions, which the oil major said it is reviewing.
Details of the final actual charges should be available when BP issues its 4Q2017 results on February 6.
"BP expects its future United States after-tax earnings to be positively impacted by the recently-enacted changes to U.S. corporate taxes, largely due to the reduction of the USA federal corporate income tax rate from 35% to 21%".
The British oil giant BP plans to present its results for the fourth quarter on February 6th. "This charge represents a noncash adjustment and will be reflected as an identified item".