BP Expects Flat Q1 Output, Flags Higher Net Debt

MT Newswires Live04-14 17:32

BP (BP) said Tuesday its Q1 upstream production is expected to be "broadly flat" from the previous quarter, while cautioning that energy market volatility may pressure results and widen price fluctuations.

The company expects its group underlying effective tax rate to be around 35% and forecasts capital expenditure to remain broadly steady with the prior quarter at approximately $3.5 billion.

Net debt is projected to rise to between $25 billion and $27 billion, driven largely by a $4 billion to $7 billion working capital build linked to higher commodity prices.

BP said gas and low-carbon output will be slightly higher and oil production lower, with weaker retail volumes offset by stronger refining margins and exceptional oil trading.

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