BP - BP Stumbles: Weak Oil Trading Refining Margins Drag Down Q2 Outlook | Benzinga
BP p.l.c. (NYSE:BP) shares are trading lower after the company disclosed the trading update for the second quarter of FY24, with oil trading results expected to be weak after a strong first quarter.
In the oil production and operations segment, the company anticipates realizations to have a favorable impact of $0.1 billion-$0.3 billion versus the first quarter, factoring in the effects of price lags on production in the Gulf of Mexico and the UAE.
The British oil giant expects Upstream production in the quarter to remain flat compared to the prior quarter, with stable oil production and a slight decrease in gas and low-carbon energy output.
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