Q1 update doesnt ooze confidence2 May 2024 12:01
• In the gas & low carbon energy segment, realizationsc compared to the prior quarter are expected to have an adverse impact in the range of $0.2-0.4 billion, including declines in non-Henry Hub natural gas marker prices. There is also expected to be an adverse impact of around $0.2 billion as a result of the devaluation of the Egyptian Pound. In addition, the gas marketing and trading result is expected to be strong following a strong result in the fourth quarter 2023.
• In the oil production & operations segment, realizationsc compared to the prior quarter are expected to have an adverse impact in the range of $0.3-0.6 billion, including price lags on bp's production in the Gulf of Mexico and the UAE and also declines in non-Henry Hub natural gas marker prices.
Other items: Net debt is expected to increase in the first quarter mainly reflecting a working capital build plus phasing of capex and divestment and other proceeds as previously guided.
a All impacts influence bp's underlying RC profit before interest and tax, unless stated otherwise.
b Includes bp's share of production of equity-accounted entities.
c Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.
Trading conditions
Brent averaged $83.16/bbl in the first quarter 2024 compared to $84.34/bbl in the fourth quarter 2023.