BP Expects FY23 Reported And Underlying Upstream Production To Be Higher Compared With 2022; For Q4 Expects Reported Upstream Production To Be Broadly Flat Compared To Q3
Portfolio Pulse from Benzinga Newsdesk
BP has provided its guidance for Q4 2023 and FY 2023. For Q4 2023, it expects reported upstream production to be broadly flat compared to Q3 2023, with lower volumes in its customer business and lower refining margins. For FY 2023, BP expects both reported and underlying upstream production to be higher compared to 2022, with higher production from oil production & operations and slightly lower production from gas & low carbon energy. It also expects to start four major projects in 2023.
October 31, 2023 | 7:59 am
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BP's guidance for Q4 2023 and FY 2023 indicates a mixed outlook. While Q4 2023 may see flat upstream production and lower refining margins, FY 2023 is expected to see higher upstream production and the start of four major projects.
BP's guidance indicates a mixed outlook, which could lead to uncertainty among investors. While the flat Q4 2023 upstream production and lower refining margins could negatively impact the stock, the expected higher upstream production and start of four major projects in FY 2023 could have a positive impact. Therefore, the short-term impact on the stock is neutral.
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