BP Eyes Production Gain, Lower Oil, Gas Prices in Q2


   
Dawn Gallagher
DTN Energy Reporter

   OAKHURST, N.J. (DTN) --- BP expects to report a second quarter gain in 
production versus the first quarter while lower prices are seen impacting 
earnings, the company said in an update for the quarter today.

   BP reports Brent averaged $67.88 bbl in the second quarter, down from $75.73 
bbl in the first quarter. US Henry Hub natural gas first of month index 
averaged $3.44 MMBtu in the quarter profiled, down from $3.65 MMBtu in the 
first quarter.

   "In the gas & low carbon energy segment, realizations, compared to the prior 
quarter, are expected to have an impact in the range of $(0.1) to $(0.3) 
billion, including changes in non-Henry Hub natural gas market prices. The gas 
and marketing trading result is expected to be average," the release read. "In 
the oil production & operations segment, realizations, compared to the prior 
quarter, are expected to have an impact in the range of $(0.6) to $(0.8) 
billion, including the production mix in effects and the price lags on bp's 
production in the Gulf of America and the UAE."

   BP's refining marker margin averaged $21.10 bbl in the second quarter 
compared to $15.20 bbl in the first quarter. The company said there was 
significantly higher level of turnaround activity and expects strong oil 
trading result.

   The company will report its second quarter earnings on August 5.




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