BP Expects Lower Q3 Upstream Production Compared To Q2; Expects Fuel Margins To Remain Sensitive to Supply Costs And Higher Seasonal Volumes
Portfolio Pulse from Benzinga Newsdesk
BP expects lower Q3 2024 upstream production compared to Q2, with fuel margins remaining sensitive to supply costs and higher seasonal volumes. Refining margins will be influenced by product cracks and North American heavy crude oil differentials. Income taxes are expected to be around $1 billion higher due to timing of installment payments.
July 30, 2024 | 6:35 am
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BP expects lower Q3 2024 upstream production compared to Q2, with fuel margins remaining sensitive to supply costs and higher seasonal volumes. Refining margins will be influenced by product cracks and North American heavy crude oil differentials. Income taxes are expected to be around $1 billion higher due to timing of installment payments.
The expectation of lower upstream production and sensitivity of fuel margins to supply costs could negatively impact BP's short-term stock price. Additionally, higher income taxes will likely affect net income, contributing to a negative outlook.
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