BP Plc Sees Sequentially Higher Upstream Production In Q1, Slight Higher Production In FY24

(RTTNews) - British energy major BP Plc (BP.L, BP_UN.TO, BP) Tuesday said it expects sequentially higher upstream production in the first quarter. In fiscal 2024, reported and underlying upstream production will be slightly higher than 2023.

In the full year, production in Oil production & operations will be higher, while Gas & low carbon energy production will be lower.

In its first-quarter trading statement, the company said that production will be higher in oil production & operations in the quarter, and slightly higher in gas & low carbon energy.

In the gas & low carbon energy segment, realizations compared to the prior quarter are expected to have an adverse impact in the range of $0.2 billion to $0.4 billion. The gas marketing and trading result is expected to be strong following a strong result in the fourth quarter 2023.

In the oil production & operations segment, realizations compared to the prior quarter are expected to have an adverse impact in the range of $0.3 billion to $0.6 billion.

Brent averaged $83.16/bbl in the first quarter, compared to $84.34/bbl in the preceding fourth quarter 2023.

Net debt would increase in the first quarter mainly reflecting a working capital build plus phasing of capex and divestment and other proceeds as previously guided.

Bp plans to release first-quarter results on May 7.