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Shares in BP have hit their highest level in over five months, after it told the City that its oil and gas production rose in the last quarter.
In a trading update this morning, BP guided that upstream production in the first quarter is expected to be higher compared to the prior quarter, with production higher in oil production and operations and slightly higher in gas and low carbon energy.
“BP says it expects a strong first quarter for oil and gas trading as well as a quarter-on-quarter improvement in upstream production of low-carbon energy and oil & gas. It also expects an improvement to its oil refining margins this quarter when it reports results on 7th May in the first set of earnings since Murray Auchincloss became permanent CEO in January following the abrupt departure of Bernard Looney last year.
It looks like BP is poised for another strong quarterly scorecard after results in the final three months of 2023 outpaced expectations and the new CEO enticed investors by ramping up BP’s share buyback programme. Supporting BP and its rivals is an upward trend for underlying oil prices with geopolitical supply shocks and improving global demand pushing Brent crude above $90 a barrel this month, reigniting the possibility of $100 oil again in the months ahead.”
