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BP PLC on Friday said in a trading update that it estimates that upstream production in the first quarter of 2025 was down from the fourth quarter of 2024. The London-based oil and gas major said production was slightly higher in oil production & operations but lower in gas & low carbon energy, including the divestments in Egypt and Trinidad completed towards the end of the fourth quarter. BP expects realisations in the gas & low carbon energy segment to be ‘broadly flat’ on-quarter, and expects the gas marketing and trading result to be ‘weak’. ‘In the oil production & operations segment, realisations, compared to the prior quarter, are expected to be broadly flat including the impact of price lags on BP’s production in the Gulf of America and the UAE,’ BP said. Within its customers segment, lower costs and stronger midstream performance was partly offset by seasonally lower volumes, while its products segment anticipates ‘stronger’ realised refining margins between $100 million and $300 million, and a ‘lower impact’ from turnaround activity. Brent prices have averaged $75.73 per barrel during the first quarter, BP noted, up 1.3% from $74.73 per barrel in the prior quarter. BP is scheduled to release its first-quarter results on April 29. Shares in BP were down 2.2% at 334.40 pence in London on Friday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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