BP sees higher oil and gas production as a profit driver

BP sees higher oil and gas production as a profit driver

British energy group BP forecasts a significant contribution to profits in the first quarter due to an expected increase in oil and gas production. BP said upstream production will be higher in the next three months. Low-emission energy production is expected to increase slightly in the quarter. In the fourth quarter of last year, oil production was 1.42 million barrels of oil equivalent per day, while gas and low-carbon energy production was 899,000 BOE per day. However, lower natural gas prices could weigh on the gas and low-carbon energy segment, as well as the oil production and operations segment.

BP expects a decline in profits of between $400 million and $600 million in gas and low-carbon energy due to declines in production prices in the Gulf of Mexico and the United Arab Emirates as well as the devaluation of the Egyptian pound. In the area of ​​oil production and operations, price declines could also have a negative impact on earnings of $300 million to $600 million. On the London Stock Exchange, BP's share price rose by 1.51 percent to 5.18 pounds.

BP's forecast for higher oil and gas production in the first quarter reflects the company's efforts to increase its production capacity and benefit from the recovery in oil and gas prices. This strategic direction could have a positive impact on the company's financial results and encourage investors to invest in BP shares. Expectations of a significant profit contribution in the first quarter could boost investor confidence in BP's long-term financial stability.