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.

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