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BP Expects Rise in First-Quarter Upstream Energy Output


These translations are done via Google Translate

(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.


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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.

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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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