While noting that the figures may differ quite considerably from the final numbers that will be reported on July 29, BP on Wednesday released a trading update that provided an overview of the revenue and trading conditions it experienced during the second quarter ending June 30, 2003.

For the quarter, BP said its Henry Hub gas marker price is expected to decrease by $1.13 from 1Q03. In that quarter, the company notched $6.53/MMBtu, compared to the $5.40/MMBtu it expects for 2Q03. However, the company noted that total U.S. gas realizations are expected to decrease by a smaller amount due to a narrowing of basin differentials.

On the marketing function, the company said it expects North American gas marketing margins to be significantly lower than 1Q03 as gas price volatility has decreased, while natural gas liquids margins are anticipated to be lower than 1Q03 in line with normal seasonality.

BP also said its 2Q03 oil refining margins are expected to be lower than 1Q03, but oil marketing margins should see a boost. “The marketing environment is projected to be up in 2Q03 versus both 1Q03 and 2Q02 due to falling oil prices and despite continuing economic slowdown,” the company said.

During the second quarter, BP purchased for cancellation 144 million of its shares at a cost of around $1 billion. Shares in issue as of July 1 were 22,102 million.

The company said it prepared the release in order to provide greater disclosure to investors and potential investors of currently expected outcomes, and to ensure that they all receive equal access to the same information at the same time.

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