The UK supermajor took a $520 million write down on its Utica position and cited “disappointing” results from a handful of exploration wells as the pri­mary factor in its decision to walk away from about 80,000 acres in Trumbull County.

“In terms of Utica we’ve taken the write-off of the assets where we’ve made the appraisal wells.

“It is premature to say what we’ll do with the remaining parts of that asset base, but I think we’ve made it very clear that we don’t intend to proceed with where we are today,” BP chief financial officer Brian Gilvary said.

In