Oil and Gas Price Slump
BP on Tuesday said it expects high levels of upstream production and a strong performance from its trading business. It will help offset the negative impacts of lower oil and gas prices. And a drop in the value of Egypt’s currency. That could hit its profits by $1.2 billion in the first quarter of 2024.
The British oil major said it expects to take a $0.2-0.4 billion hit from lower natural gas prices. A $0.3-0.6 billion hit from lower oil prices, and a $0.2 billion hit from the drop in the value of Egypt’s pound.
In a trading update, BP, however, said a strong performance from its oil and gas trading businesses, higher upstream production, and good refining margins will boost its first quarter results and help offset the negative impacts of lower prices.
Shares in BP BP, +0.49% BP, +1.58% increased 2% on Tuesday having gained 11% in the year-to-date. BP is scheduled to publish its first quarter results on May 7.
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Source: Market Watch
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