BP Sees Higher Oil Production, Trading Helping to Offset Lower Energy Prices
The energy giant predicted upstream oil production will be higher than in the first quarter.
BP and other energy firms have noted oil and gas prices have declined in Q2.U.S.-listed shares of BP (BP) rose Friday after the energy giant predicted increased oil production and trading revenue in the current quarter, helping to offset lower fuel prices.
The London-based firm estimated that second-quarter upstream oil production will be better than in the first quarter because of higher output and operations, especially in the U.S. In Q1, upstream oil production was 2.24 million barrels of oil equivalent per day, and BP said at the time it anticipated about the same in Q2.
As with other rivals, including ExxonMobil (XOM) and Shell (SHEL), BP pointed out that its performance would be impacted by falling prices. It noted that in Q2 the price of Brent crude averaged $67.88 per barrel, down from $75.73 per barrel in Q1, and U.S. gas Henry Hub first of month index averaged $3.44 million British Thermal Units (mmBtu), versus $3.65 mmBtu in the first quarter.
In today's update, the company added that the oil trading result "is expected to be strong."
The company is scheduled to release its financial report Aug. 5.
Including today's 2% gains, BP's U.S.-listed shares are up about 9% year-to-date.
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