BP Narrows Q3 Upstream Production Outlook; Flags Billions in Impairment Charges

MT Newswires Live10-13

BP (BP) has narrowed its Q3 reported upstream production outlook to 2.19 million to 2.24 million barrels of oil equivalent per day from its prior range of 2.10 million to 2.25 million boe/d, the company reported Tuesday.

The outlook reflects seasonal maintenance recovery, partly offset by BP's reduced equity interest in Latin America, amid continued disruption in the Middle East, the company said.

The oil major also expects to record post-tax impairment charges of $3 billion to 4.5 billion in the quarter, primarily related to transition businesses in its gas and low carbon energy segment.

BP's refining indicator margin averaged $46.7 per barrel in Q3, compared with $29.6 per barrel in Q2, it added.

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