BP warns of lower on-quarter figures as it pushes back investor event
BP PLC on Tuesday said it expects to report lower fourth production figures as it delayed its capital market event set for next month.
The London-based oil major said it expects upstream production in its fourth-quarter to be lower than the prior quarter, with weaker figures in gas & low carbon energy and oil production & operations.
It noted that its products segment would be impacted by weaker refining margins to the tune of up to $300 million, with a higher impact from turnaround activity.
The FTSE 100-listed firm added that, compared to the prior quarter, it expects fourth quarter oil & production segment realisations to have an unfavourable impact of between approximately $200 million and $400 million.
BP noted the decline in the average Brent oil price for the quarter, with it down 7.0% to $74.73 per barrel from $80.34 in the third quarter.
BP also updated guidance for its full-year, noting that the underlying effective tax rate is now expected to be in the region of 42% instead of the previously guided 40% as a result of the geographical mix in profits.
It also revised its full-year expectation for its other business & corporate segment, with its underlying annual charge now anticipated to be in the region of $600 million, up from the previous range of between $300 million and $400 million. It attributed this change to foreign exchange losses.
The firm also said that it was pushing back the date of its capital markets event.
Initially scheduled for February 11 in New York, the investor event has been rearranged to February 26 in London to allow Chief Executive Murray Auchincloss to recover from a recent medical procedure.
It said its planned fourth quarter and full-year results date remains February 11.
BP shares were down 2.5% at 420.30 pence on Tuesday morning in London.
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