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Large-scale disruption to oil and natural-gas production and shipping because of the war in Iran jolted energy markets in recent weeks.
BP expects an exceptional oil-trading result for Q1 due to Middle East war volatility.
KEY POINTS
- BP forecasts a significant working-capital build of $4–$7 billion, raising net debt to $25–$27 billion.
- This is BP's first operational update since Meg O'Neill became CEO in early April.
- BP's gas marketing and trading results are expected to be average, unlike the strong oil-trading performance.
COMPANIES
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