bp: production expected to recover in Q1

(CercleFinance.com) - bp said on Tuesday that it expected its production to rise in Q1, as well as an improvement in its refining margin, announcements that were liked by the market.


Without providing any figures, the British oil giant said that production from its upstream activities in the first three months of the year should be higher than that recorded in Q4 2023.

The group said it expected production to rise in oil and "slightly up" in gas and less carbon-intensive energies.

Refining margins are expected to reach $20.6 per barrel, according to initial estimates, compared with $18.5 per barrel in Q4.

Brent averaged $83.16 in Q1, down only slightly from $84.34 in the previous quarter.

At around 9 a.m. (London time), bp shares were up 1.9%, the second biggest gainer on the FTSE 100, while the index of European oil stocks was up 0.7%.

bp expects to publish detailed Q1 results on 7 May.


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