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Market Update On One Oil & Gas Producer – BP

Oct 15, 2024 | Team Kalkine

Read Time :10 Mins

Market Update On One Oil & Gas Producer – BP

BP:LSE
Investment Type

Large-cap
Risk Level
Action
Rec. Price (GBX)

BP PLC

BP PLC (LSE: BP.) is an FTSE 100-listed multinational oil and gas company with a global energy business spread across Australasia, Asia, Africa, Europe, North and South America.

3Q FY24 Trading Statement (Released on 11 October 2024)

Production Update: BP expects production in both its oil production & operations and gas & low-carbon energy segments to remain flat compared to the previous quarter. While gas realizations are projected to have a positive impact of approximately USD 0.1 bn, oil production realizations are expected to see an unfavorable impact ranging from USD 0.1 to USD 0.3 bn due to factors like price lags in the Gulf of Mexico and the UAE.

Customers and Products Segment: In this segment, BP anticipates flat fuel margins with higher seasonal volumes but offset costs. However, weaker refining margins are likely to reduce profits by USD 0.4 to USD 0.6 bn, alongside expectations for a weak oil trading performance.

Net Debt: BP forecasts that net debt will increase by the end of Q3 2024, primarily driven by weaker refining margins and the delay of approximately USD 1 bn in divestment proceeds, now expected to materialize in the fourth quarter.

Share Price Chart

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

BP PLC (LSE: BP.) was trading at the current market price of GBX 390.95 (as of 15 October 2024, 10:10 AM GMT+1)

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 15 October 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 4: Dividend Yield may vary as per the stock price movement.

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Past performance is not a reliable indicator of future performance.