bp: share falls after quarterly update

(CercleFinance.com) - bp shares were down over 2% in London on Tuesday morning, after the British energy company warned that the downturn in its refining margins would affect its Q4 results.


In a trading update, bp said that it expected this adverse factor to impact its quarterly results by between $100m and $300m.

bp also anticipates a weakening in its oil trading performance, given that Brent crude averaged $74.7 a barrel in Q4, compared with $80.3 in Q3.

The company also adds that it expects production in the upstream sector to be lower in Q4 than in Q3, for both oil and gas.

This factor is expected to have an impact of between $200m and $400m on its Q4 results.

For FY 2024, bp expects a tax rate of around 42%, instead of 40%, as well as an annual charge of around $600 million due to unfavorable currency effects, compared with $300m-$400m previously.

bp, which plans to publish its Q4 results on 11 February, also announced that it had postponed its investor day, originally scheduled for the same day as the results publication, to 26 February.


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