For Fiscal 2024 Continues To Expect Both Reported And Underlying Upstream Production To Be Slightly Higher Compared With 2023; Divestments And Other Proceeds Are Anticipated To Reach $2B-3B In H2
Portfolio Pulse from Benzinga Newsdesk
BP has provided its fiscal 2024 guidance, expecting slightly higher upstream production compared to 2023. The company anticipates divestments and other proceeds to reach $2-3 billion in the second half of 2024. BP also expects growth in its convenience business, a stronger contribution from Castrol, and continued margin growth from BP Pulse. Refining margins are expected to be lower, with a higher impact in the fourth quarter. Capital expenditure is projected to be around $16 billion, and Gulf of Mexico settlement payments are expected to be around $1.2 billion pre-tax.
July 30, 2024 | 6:39 am
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BP expects slightly higher upstream production in 2024 compared to 2023, with divestments and other proceeds anticipated to reach $2-3 billion in the second half of the year. The company also projects growth in its convenience business and continued margin growth from BP Pulse.
BP's guidance indicates positive growth in upstream production and significant divestments, which are likely to positively impact the stock price in the short term. The expected growth in the convenience business and BP Pulse also adds to the positive outlook.
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