BP forecasts ‘weak’ gas trading
BP said it expects gas marketing and trading to be “weak” in the first three months of 2025, as it published its early indicators for performance through the period.
Upstream production in the first quarter is also expected to be lower compared to the prior quarter, with production slightly higher in oil but lower in gas and low carbon energy.
Earnings in its oil production and operations segment are forecast to remain broadly flat amid price lags in the Gulf of America and the UAE.
BP also said on Friday it anticipates net debt to be around $4bn (£3.1bn) higher year-on-year.
“This is driven primarily by a working capital build, which is largely expected to reverse, reflecting seasonal inventory effects, timing of payments including annual bonus payments and payments related to low carbon assets held for sale,” the oil giant said in a statement to markets.
In its customers and products segment, it warned results would be impacted by lower seasonal volumes, and stronger realised refining margins in the range of $0.1bn to $0.3bn.
Brent averaged $75.73 per barrel in the first quarter compared to $74.73 in the fourth quarter of 2024.
BP’s RMM, or Refining Marker Margin, averaged $15.2 per barrel, compared with $13.1 per barrel in 2024.
The company will report its first quarter results on 29 April 2025.
Shares are down just over 14 per cent this year to date.
BP in February announced plans to shift its focus away from renewables to oil and gas in a bid to improve performance.