By Adam Whittaker
BP said it expects to book impairments of $1.0 billion to $2.0 billion in the fourth-quarter while upstream production is expected to fall.
The British oil-and-gas giant said on Tuesday that the non-cash, post-tax charges are attributable across its business divisions.
In the fourth-quarter trading update covering the final three-months of last year, BP said upstream production is expected to be lower compared with the previous quarter.
BP said, however, that it expects full-year production to be slightly higher than in 2023.
BP said Chief Executive Murray Auchincloss recently underwent a planned medical procedure and will return to the office by February.
As a result, its capital markets event will now take place Feb. 26 in London. It had previously been scheduled for Feb. 11 in New York. Its fourth quarter and full year results are due to be published Feb. 11.
BP said gas and low carbon energy division will be boosted by higher natural-gas marker prices.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
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