BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months. Realisations in its low carbon energy segment were expected to have an adverse impact of $0.2bn - 0.4bn, the company said in a trading statement, while in oil production and operations the impact 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.

Reporting by Frank Prenesti for Sharecast.com