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BP Updates Q1 Guidance; Sees Higher Net Debt In Q1

ENERGY SECTOR


  • Q1 2024 upstream production still expected higher than Q423, guidance now mentions increases in oil production and slight increases in gas production.
  • Gas realisations expected to have an adverse impact of USD 0.2-0.4bn as will the devaluation of the Egyptian pound. Oil realisations to have an adverse impact of USD 0.3-0.6bn on price lags in Golf of Mexico and UAE production.
  • Customers and Products segment benefits from improved refining margins (USD 0.1-0.2bn) but impacted by Whiting refinery outage and lower turnaround activity. Strong oil trading expected post weak Q423; fuel margins in the customers segment significantly weaker on lower volumes and the absence prior quarter's one-offs.
  • Net debt expected to rise in Q1 due to working capital increase, capex timing, and divestment/phasing of proceeds. Q1 results on 07 May.
  • Full details: https://www.eqs-news.com/news/cms/bp-p-l-c-release-of-a-capital-market-information/2030305

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