BP sees Q2 hit from weaker oil, gas prices; Production up

(Sharecast News) - BP on Friday said second-quarter earnings would be hit by weaker oil and gas prices, despite a rise in reported upstream production compared to the previous three months. Gas & low carbon energy segment, realisations, compared to the prior quarter, are expected to have an impact in the range of $(0.1) to (0.3)bn, the company said in a quarterly trading update.

In the oil production & operations segment, quarter on quarter realisations are expected to have an impact in the range of $(0.6) to (0.8)bn, including the production mix effects and the price lags on BP's production in the Gulf of Mexico and the UAE.

Reporting by Frank Prenesti for Sharecast.com