By Adria Calatayud
BP said it expects an exceptional oil trading result for the first quarter, as the war in the Middle East fueled market volatility.
The U.K. energy major said Tuesday that it expected upstream production for the first quarter to be broadly flat compared with the prior quarter, and that the price environment would result in a working-capital build and an increase in net debt to between $25 billion and $27 billion.
BP said heightened volatility in crude oil, natural gas and refined products prices toward the end of the first quarter would affect its results, increasing the impact of price lags.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
04-14-26 0235ET
