Big profit warning for Q2

Big profit warning for Q2
Big profit warning for Q2

This includes charges related to the transformation “of our Gelsenkirchen refinery in Germany,” BP said in a statement, which will publish its second-quarter results on July 30.

In March, the group announced its intention to reduce the total production capacity of this site from 2025, while committing to increased production of low-emission fuels.

BP also warned on Tuesday that its refining margins will be “significantly lower” from one quarter to the next and its oil sales will decline.

The group also announced that its production “should ultimately be broadly stable compared to the previous quarter”, particularly concerning oil, where it had previously expected a small decrease. But it foresees a “slightly lower production in gas and low-carbon energies”.

BP shares fell 3.36% to 458.70 pence on the London Stock Exchange shortly after the opening.

BP had posted a sharp drop in profit in the first quarter due to falling oil prices which weighed on revenues and margins.

Shell, a competitor of BP, had also announced at the end of last week depreciations which could reach 2 billion dollars in the second quarter, linked in particular to a huge biofuels project in the Netherlands whose construction it recently suspended.

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