BP Stock Dips as Weak Trading Offsets Oil Production Gains
BP shares declined despite reporting higher upstream oil and gas production for Q3, as weak trading results overshadowed operational gains. The energy giant now expects production to exceed Q2's 2.3 million barrels of oil equivalent per day, reversing prior guidance for a quarterly decrease.
The market reacted negatively to BP's warning of weak oil trading performance and 'average' gas trading results. Brent crude prices averaged $69.13/barrel in Q3, up from $67.88 in Q2, while U.S. natural gas prices fell to $3.07/mmBtu from $3.44. The company anticipates a $100 million hit to gas and low-carbon energy revenues.