BP sees higher Q1 upstream production

9th Apr 2024 07:24

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

The company said it expected to take a $200m hit at its low carbon energy segment due to the devaluation of the Egyptian pound, while in oil production and operations the impact of lower oil and gas prices was forecast to be in range of $0.3bn - 0.6bn.

Gas marketing and trading result was expected to be strong following a strong result in the final quarter of 2023.

The products segment was expected to see $100m - 200m in gains from realised refining margins, while the customers unit was likely to be impacted by significantly weaker fuel margins, seasonally lower volumes and the absence of "one-off positive effects" that boosted earnings in the previous quarter.

Brent Crude averaged $83.16 per barrel in the first quarter, compared to $84.34 per barrel in the fourth quarter of 2023.

Reporting by Frank Prenesti for Sharecast.com