BP Misses Q1 Earnings Forecasts on Lower Oil and Gas Prices

Lower oil and gas prices and a prolonged refinery outage in the United States dragged down BP’s earnings for the first quarter to below analyst expectations. UK-based supermajor BP NYSE BP reported on Tuesday an underlying replacement cost profit – the closest metric to net profit – of $2.7 billion for the first quarter of 2024, down from $3.0 billion for the previous quarter.

S. fuel supply and refinery utilization lower in the first quarter of 2024. BP’s upstream oil and gas production rose by 2.1% year-over-year to 2.378 million barrels of oil equivalent per day boepd in the first quarter. The higher hydrocarbon production, however, failed to offset lower oil and gas prices, weaker refining results, and the outage at the U.S. refinery. Despite the weaker profits for the first quarter of 2024, BP announced a $1.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hess Q1 Earnings Trump Forecasts Ahead of Acquisition by ChevronHess Corporation reported better-than-expected earnings in the first quarter of 2024 as the planned acquisition by Chevron drags on.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Canadian Natural Resources Misses Q1 Earnings ExpectationsCanadian Natural Resources reported lower-than-expected earnings for the first quarter due to lower synthetic crude oil and natural gas prices.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Refining Giant Phillips 66 Books Lower-Than-Expected EarningsPhillips 66 reported lower-than-forecast profits for the first quarter of the year, with refinery maintenance affecting product sales.
Source: OilandEnergy - 🏆 34. / 68 Read more »