British energy major BP has said it expects to take a $1.5-billion (€1.2 billion) hit from US President Donald Trump's tax reforms.
"The lowering of the US corporate income tax rate to 21% requires revaluation of BP's US deferred tax assets and liabilities," the company said in a statement.
"The current estimated impact of this will be a one-off non-cash charge to the group income statement of around $1.5 billion that will impact BP's fourth quarter 2017 results."
However, the energy giant cautioned that longer-term earnings would be "positively impacted" by the US changes.
BP is scheduled to unveil its fourth-quarter figures on 6 February.
Mr Trump has signed into law a sweeping overhaul of the US tax code, in what was his first major legislative victory since taking office nearly a year ago.
The measure is expected to boost corporate profits of banks and other companies over the medium and long term by lowering the corporate tax rate to 21% from 35%.
However, several large corporations have signalled that the law will result in a short-term hit on earnings repatriated from overseas.
The reform taxes these earnings at 15.5% on cash and equivalents and eight percent on real estate and other illiquid assets.
Other large companies that have alluded to large one-time hits for the fourth quarter include BP's key rival Royal Dutch Shell, as well as banking groups Barclays and Credit Suisse.