BP Anticipates Upstream Output to Remain Higher Than Forecast

SEATTLE (Oil Monster): London-headquartered multinational oil and gas company BP announced that lower prices of gas and oil are likely to impact its results during the second quarter of 2025. However, it expects the upstream output to remain higher than its previous forecast. The company is due to announce its quarterly results on 5 August, 2025.

The company noted that crude oil prices recorded decline in the quarter as OPEC+ member countries started to unwind self-imposed production cuts in April. The average prices of crude oil witnessed decline from $75.73 a barrel in Q1 2025 to $67.88 a barrel in the second quarter of the year.

BP expects its gas trading result to be average during the quarter. The realisations in the gas and low carbon energy segment are likely to see a decline of between $0.1 billion and $0.3 billion upon comparison with the prior quarter. Meanwhile, the oil production and operations segment realisations are anticipated to a quarter-on-quarter decline by nearly $0.6 billion to $0.8 million, it said.

The company expects its oil and gas output in the second quarter to be above the first quarter production of 2.24 million barrels of oil equivalent per day. Also, its net debt is expected to remain slightly lower than the quarter before. BP’s net debt stood at $27 billion as at the end of Q1 2025.