LONDON (dpa-AFX) - Oil and gas company BP Plc (BP.L, BP_UN.TO, BP) announced that it expects second-quarter results will reflect post-tax adjusting items related to asset impairments, estimated to be in the range of $0.5 billion to $1.5 billion, with impacts spread across various segments.
The company now expects upstream production for the second quarter to be higher than the prior quarter, driven by increased output in oil production & operations-primarily from BPX Energy-and a slight rise in gas & low carbon energy. This update reflects a change from BP's April projection, which had forecast second-quarter upstream production to remain largely unchanged from the first quarter of 2025.
In the gas and low carbon energy segment, realizations-compared to the prior quarter-are now expected to impact earnings by approximately $0.1 billion to $0.3 billion. This includes the effect of changes in non-Henry Hub natural gas marker prices. The gas marketing and trading performance is anticipated to be average.
In the customers and products segment, compared to the prior quarter, results are expected to be influenced by seasonally higher volumes and stronger fuel margins in the customers business. Within the products category, stronger realized refining margins-estimated in the range of $0.3 billion to $0.5 billion-are anticipated, alongside a significantly higher level of turnaround activity. Additionally, the oil trading result is expected to be strong.
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