BP Stock Recent News

BP expects solid Q1 performance, driven by robust trading and production operations, offsetting lower oil prices.

The latest trading day saw BP (BP) settling at $39.29, representing a +0.98% change from its previous close.

BP eyes the divestment of aging Trinidad gas field assets to Perenco, with the aim of realigning its energy portfolio. This move signals a significant shift in the global oil and gas market.

BP's trading update suggests it should be close to consensus numbers of US$$3bn net income when it publishes first quarter numbers, says broker Jefferies. Strong gas trading will address a key concern during the quarter, while oil trading provides a good uplift quarter-on-quarter.

BP on Tuesday said it expects high levels of upstream production and a strong performance from its trading business will help it offset the negative impacts of lower oil and gas prices and a drop in the value of Egypt's currency that could hit its profits by $1.2 billion in the first quarter of 2024.

BP's oil and gas production was up on the previous three months in its first quarter of 2024 though lower prices are having an impact, said the oil major. Crude prices falling back will knock between US$0.3-US$0.6 billion off the first quarter profits total, with lower gas prices to lop off a further US$200-400 million.

BP is close to an agreement to sell some of its Trinidad and Tobago oil and gas assets to Anglo-French oil company Perenco, according to three people familiar with the talks.

If it is anything like Shell's update on Friday, BP's first quarter numbers on Tuesday will be a low-key announcement The upshot from Shell is that gas profits are falling following the bumper returns it saw in 2023, but otherwise, trading seems solid enough. Something similar is likely from BP though analysts at Jefferies said “Additionally, BP will be impacted by downtime at Whiting and Freeport LNG".

BP has a strong presence in refining and marketing spaces, providing support during periods of business turmoil and low oil prices.

BP (BP) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.