06:00 AM EDT, 10/11/2024 (MT Newswires) -- BP (BP) said Friday it expects Q3 net debt to rise as a result of lower refining margins and the "rephasing" of about $1 billion of divestment proceeds into Q4.

The company said oil-products trading was weak. Decreased margins from processing crude will reduce earnings by $400 million to $600 million, it said.

Oil production is also "expected to have an unfavorable impact" of $100 million to $300 million because of the impact of price lags on production in the Gulf of Mexico and the United Arab Emirates, BP said.

Higher exploration write-offs are also expected to reduce earnings by $200 million to $300 million compared with the previous quarter.

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