BP sees Q1 reported upstream production higher compared to Q4

The company said, “Looking ahead, bp expects first quarter 2024 reported upstream production to be higher compared to fourth-quarter 2023. In its customers business, bp expects seasonally lower volumes across most businesses and the absence of one-off positive effects from the fourth quarter. In addition, bp expects fuels margins to remain sensitive to movements in cost of supply. In products, bp expects a significantly lower level of refinery turnaround activity compared to the fourth quarter. In addition, bp expects lower industry refining margins, with a larger reduction in realized margins due to narrower North American heavy crude oil differentials.”