BP Plc expects to report a robust efficiency from its buying and selling enterprise for the primary quarter, with a notable enchancment in outcomes from shopping for and promoting oil.
The increase in buying and selling got here alongside rising oil and fuel manufacturing and improved margins within the firm’s refining enterprise, based on a buying and selling replace revealed on Tuesday.
“BP’s first buying and selling replace suggests restricted draw back to consensus numbers” for first-quarter earnings, with robust fuel buying and selling outcomes offering an uplift, Jefferies analyst Giacomo Romeo stated in a notice.
- Advertisement -
BP’s fuel advertising and marketing and buying and selling enterprise maintained the robust efficiency seen within the prior interval, whereas oil confirmed enchancment from a weak fourth quarter, based on the corporate.
The London-based power big ended 2023 on a excessive notice, after being roiled earlier within the yr by the shock resignation of Chief Government Officer Bernard Looney. The corporate posted fourth-quarter revenue that exceeded expectations and accelerated share buybacks, sending its shares hovering.
Within the first quarter, BP expects its web debt to have risen, reflecting a construct in working capital and the timing of capital expenditure and divestment proceeds, the corporate stated.
The buying and selling replace additionally means that the influence from “operational upsets” such because the Whiting refinery halt from February 1 to March 15 was decrease than feared, Romeo stated.
BP is because of report first-quarter outcomes on Could 7.
