LONDON: BP has said it expects to report higher oil and gas production for the second quarter, after the energy giant renewed its focus on fossil fuels to help boost profits, PA Media/dpa said.
The London-listed company told investors that upstream production is now expected to be higher between April and June, compared with the previous three months.
This incorporates its oil production and operations, as well as gas and low-carbon energy production coming in slightly higher.
However, the oil business said lower prices received for its oil production were expected to impact results by up to US$800 million.
BP also told investors that its net debt at the end of the second quarter was expected to be slightly lower compared with the end of the first quarter.
The business earlier this year revealed a new growth strategy focused on extracting more oil and gas, following pressure from some investors to boost its profits.
At the time, bosses said the firm went “too far, too fast” on green energy and confirmed plans to heavily reduce spending on renewables.
Meanwhile, reports that Shell was exploring a possible offer to buy BP were quashed last month – with Shell telling investors that no talks had taken place and it had “no intention” of putting forward a bid. – Bernama, PA Media/dpa
