BP plc’s Lower 48 natural gas production jumped in the second quarter, with Haynesville Shale investments offering a “very, very quick payback,” CEO Bernard Looney said Tuesday.

BP

Looney and his executive team discussed the strong quarterly results and the outlook through the end of the year during a conference call. 

With Russia shorting gas supply to Western Europe, global gas prices are forecast “to remain elevated and for there to be quite a bit of volatility,” the CEO said. Henry Hub prices are “largely uncertain,” as storage levels are “particularly low” across the United States. 

CFO Murray Auchincloss told investors that “the outlook for global gas prices is heavily dependent on Russian pipeline flows. We expect prices to remain elevated and volatile...