BP plc expects its natural gas marketing and trading results to be “strong” for the first quarter, following an upbeat result in the final three months of 2023.

The London-based major, in a trading update preceding its first quarter report, said upstream production also would be higher in the period. However, lower gas and oil price realizations are expected to have an adverse impact on overall performance.

In the trading statement for 1Q2024, BP summarized current estimates, including data on the economic environment and group performance. 

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“Upstream production in the first quarter is expected to be higher compared to the prior...