Overview

• BP forecasts upstream oil and gas production will rise in the April–June quarter compared to the previous three months following its strategic pivot back to fossil fuels.
• Weaker commodity prices are expected to reduce Q2 results by up to $800 million for oil and $300 million for gas.
• The company plans to record asset impairments of $0.5 billion to $1.5 billion in the second quarter as part of its financial discipline measures.
• Net debt is projected to be slightly lower at the end of June versus the first quarter, supporting a more resilient balance sheet.
• BP sees average gas marketing and trading performance alongside strong oil trading results, and its shares climbed about 2% on the guidance.