BP Sees Lower Profit from Oil Refining in Q2 -- Shares Tumble Pre-Bell-February 2024-www.financetom.com

BP Sees Lower Profit from Oil Refining in Q2 -- Shares Tumble Pre-Bell

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BP Sees Lower Profit from Oil Refining in Q2 -- Shares Tumble Pre-Bell

Jul 9, 2024 3:46 AM

06:21 AM EDT, 07/09/2024 (MT Newswires) -- BP (BP) said Tuesday that it expects "significantly lower" refining margins in Q2, potentially impacting earnings from oil products by $500 million to $700 million. Shares of the company were down 4% in recent premarket activity.

The energy giant said it also expects a writedown on the value of its Gelsenkirchen refinery in Germany of $1 billion to $2 billion over post-tax impairment charges related to an ongoing review of the plant.

Additionally, BP said that upstream production in Q2 is expected to be "broadly flat" compared with the prior quarter.

Price: 35.06, Change: -1.49, Percent Change: -4.08

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