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(Reuters) – BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.
The London-listed oil major also expects strong results in oil and gas trading, along with a $100 million-$200 million boost from improved oil refining margins.
Lower realised prices, however, will mean a hit of $200 million to $400 million to its gas and low-carbon energy segment, BP said in its first trading outlook for 2024.
For oil, lower realised prices will mean an adverse impact of between $300 million and $600 million, it said, due in part to price lags on its production in the U.S. Gulf of Mexico and the UAE.
BP is scheduled to report its results on May 7.
Last week, rival Shell said in its first-quarter trading update that it expects significantly lower results from liquefied natural gas trading.
Reporting by Yadarisa Shabong and Deep Vakil in Bengaluru; editing by Shounak Dasgupta and Jason Neely
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