(CercleFinance.com) – bp declared on Tuesday that it was counting on an increase in its production in the first quarter, as well as an improvement in its refining margin, announcements rather well received by the market.
Without providing figures, the British oil giant indicates that production from its upstream activities should be higher, over the first three months of the year, than that recorded in the fourth quarter of 2023.
The group therefore says it expects production to increase in oil and ‘slightly increasing’ for gas and less carbon-intensive energies.
Its refining margin should reach $20.6 per barrel, according to its first estimates, compared to $18.5 per barrel in the fourth quarter.
As for Brent, it averaged $83.16 over the first quarter, a limited decline compared to the $84.34 which characterized the previous quarter.
Around 9:00 a.m. (London time), bp shares gained 1.9%, the second largest increase in the FTSE 100, while the index bringing together European oil stocks gained 0.7%.
bp plans to publish detailed results for its first quarter on May 7.
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