Overview

• BP expects a $500 million to $700 million reduction in earnings due to weak refining margins.
• A $2 billion writedown is anticipated from scaling back operations at the Gelsenkirchen refinery in Germany.
• BP shares dropped over 3% following the financial update.
• The company’s oil trading performance is projected to be weak, with gas trading results remaining average.
• Upstream production is expected to remain flat for the quarter.