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.

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