BP flags lower gas, oil sales and impairment of up to $1.5 billion
A electric pylon passed behind the BP logo displayed outside a petrol station that also offers electric vehicle recharging in Trowbridge in Somerset, England, on March 15, 2025.
Anna Barclay | Getty Images News | Getty Images
British oil major BP on Friday flagged lower oil and gas sales in the second quarter and an after-tax impairment of up to $1.5 billion across its portfolio.
In a trading update released ahead of full second-quarter results on Aug. 5, the energy company said its gas and low-carbon sales will hit earnings by between $100 million and $300 million over the April-June stretch, also noting “average” results from the company’s gas trading arm.
Lower oil sales will meanwhile deliver a blow of between $600 million to $800 million over the period.
The firm said second-quarter results will also see “post-tax adjusting items relating to asset impairments in the range of $0.5 to 1.5 billion, attributable across the segments.”
In the oil products segment, BP said stronger realized refining margins would be in the range of $300 million to $500 million, and that “oil trading result is expected to be strong.”
The company also said its second-quarter upstream production is now expected to be higher than in the previous three-month period.
BP has been struggling to recalibrate its strategic direction amid underperformance in its share price compared with oil and gas peers, particularly in the U.S. Speculation has been mounting in recent months over whether the company could become an acquisition target.
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