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BP Expects Lower Q3 Upstream Production Compared To Q2; Expects Fuel Margins To Remain Sensitive to Supply Costs And Higher Seasonal Volumes

Author: Benzinga Newsdesk | July 30, 2024 02:35am

3Q 2024 guidance

Looking ahead, bp expects third quarter 2024 reported upstream* production to be lower compared with second-quarter 2024, including in higher margin regions.
In its customers business, bp expects fuels margins to remain sensitive to movements in cost of supply, and seasonally higher volumes compared to the second quarter.
In products, bp expects realized refining margins to continue to be sensitive to relative movements in product cracks and North American heavy crude oil differentials. In addition bp expects a similar level of turnaround activity to the second quarter.
bp expects income taxes paid in the third quarter to be around $1 billion higher than the second quarter 2024 mainly due to the timing of instalment payments, which are typically higher in the third quarter each year.

Posted In: BP