BP PLC (LSE:BP.) has released its trading update for the fourth quarter of 2024, flagging a decrease in upstream production compared to the prior quarter.
Oil production lowered, and the unit is expected to report a $200 to $400 million dent, amid challenges in the Gulf of Mexico and the UAE.
Meanwhile, BP’s gas plus low carbon energy segment was supported by cash divestments between $100 and $200 million.
BP said it expects net debt to decline, supported by $2.8 billion from divestments and $2.5 billion raised through perpetual hybrid bonds.
The oil major expects to report between $1 and $2 billion of impairments.
It also noted that chief executive Murray Auchincloss recently underwent a planned medical procedure from which he is recovering well, and, he will be back in the office by February.
BP has moved its scheduled Capital Markets day to 26 February from 11 February to all the CEO more time to recuperate.