May 21, 2024
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OIL & GAS

BP Production Up in First Quarter, Hit by Lower Prices

Oil giant British Petroleum BP expects to see an increase in oil, gas and low-carbon energy production in the first three months of 2024 compared to the previous quarter. This is according to a trading update released by the company on Tuesday.

BP also predicts positive results in its oil and gas trading business, with an additional boost of $100 million to $200 million from improved oil refining margins.

However, lower overall oil and gas prices will take a bite out of BP’s profits. The company anticipates a hit of $200 million to $400 million in its gas and low-carbon energy segment, and $300 million to $600 million in its oil production business. This is partly due to a time lag in pricing for BP’s production in the U.S. Gulf of Mexico and the UAE.

BP is set to release its full financial results for the first quarter on May 7th, providing a clearer picture of the company’s performance.

According to Reuters, BP’s competitor Shell recently announced that it expects significantly lower profits from liquefied natural gas trading in the first quarter.

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