October 11, 2024 07:33 GMT
ENERGY: BP (A1/A-/A+) Trading Update
ENERGY
Neutral for credit. Appears to apply a minor miss for operating profit. 3Q results are due 29th October.
- Upstream production is seen flat QoQ, in both oil and gas & low carbon. A 3% drop was consensus.
- Favourable impact of $0.1bn in gas, but unfavourable realizations of $0.1-0.3bn in oil.
- Customers sees flat fuel margins; products refining margins weaker by $0.4-0.6bn. Oil trading is also weak.
- Net debt is expected to increase QoQ on weaker refining margins and delayed divestment proceeds to 4Q, immaterial.
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