BP Predicted Production Growth in the Upstream Segment in the First Quarter
British oil and gas company BP Plc expects an increase in production in the upstream segment in the first quarter compared to October-December 2023, it said in a statement.
In the gas and low-carbon energy subsegment, a slight increase in production is expected, while in the oil subsegment – a simple increase.
The dynamics of selling prices in the first quarter will have a negative impact on the financial performance of the gas-low-carbon subsegment in the amount of $200-400 million, the oil subsegment – $300-600 million. In the first quarter, a negative effect from the weakening of the Egyptian pound is also predicted in the amount of about $200 million.
The average price of Brent in January-March fell to $83.16 per barrel from $84.34 per barrel in the fourth quarter of last year, gas fell to $2.25 from $2.88 per 1 million BTU, BP noted.
The company’s net debt increased in the past quarter, according to its estimates.
BP’s first-quarter results are expected to be published on May 7.
