LONDON (dpa-AFX) - British energy major BP Plc (BP.L, BP_UN.TO, BP) Tuesday
said it expects sequentially higher upstream production in the first quarter. In
fiscal 2024, reported and underlying upstream production will be slightly higher
than 2023.

In the full year, production in Oil production & operations will be higher,
while Gas & low carbon energy production will be lower.

In its first-quarter trading statement, the company said that production will be
higher in oil production & operations in the quarter, and slightly higher in gas
& low carbon energy.

In the gas & low carbon energy segment, realizations compared to the prior
quarter are expected to have an adverse impact in the range of $0.2 billion to
$0.4 billion. The gas marketing and trading result is expected to be strong
following a strong result in the fourth quarter 2023.

In the oil production & operations segment, realizations compared to the prior
quarter are expected to have an adverse impact in the range of $0.3 billion to
$0.6 billion.

Brent averaged $83.16/bbl in the first quarter, compared to $84.34/bbl in the
preceding fourth quarter 2023.

Net debt would increase in the first quarter mainly reflecting a working capital
build plus phasing of capex and divestment and other proceeds as previously
guided.

Bp plans to release first-quarter results on May 7.



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