BP Sees Strong Trading Performance in First Quarter
04.11.2024 By Tank Terminals - NEWS

April 11, 2024 [BNN Bloomberg]- BP Plc expects to report a strong performance from its trading business for the first quarter, with a notable improvement in results from buying and selling oil.



The boost in trading came alongside rising oil and gas production and improved margins in the company’s refining business, according to a trading update published on Tuesday. 


“BP’s first trading update suggests limited downside to consensus numbers” for first-quarter earnings, with strong gas trading results providing an uplift, Jefferies analyst Giacomo Romeo said in a note.


BP’s gas marketing and trading business maintained the strong performance seen in the prior period, while oil showed improvement from a weak fourth quarter, according to the company. 

The London-based energy giant ended 2023 on a high note, after being roiled earlier in the year by the surprise resignation of Chief Executive Officer Bernard Looney. The company posted fourth-quarter profit that exceeded expectations and accelerated share buybacks, sending its shares soaring. 


In the first quarter, BP expects its net debt to have risen, reflecting a build in working capital and the timing of capital expenditure and divestment proceeds, the company said. 

The trading update also suggests that the impact from “operational upsets” such as the Whiting refinery halt from February 1 to March 15 was lower than feared, Romeo said.


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