BP Expects Lower First-Quarter Upstream Production

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British oil and gas producer BP said on Friday that reported upstream production in the first quarter is expected to be lower compared to the previous quarter.

BP expects earnings in its oil production and operations segment to be broadly flat from the previous quarter, due in part to price lags in the Gulf of Mexico and the UAE.

In its gas and low-carbon energy segment, realizations are also expected to be flat.

BP said its gas marketing and trading business is expected to be weak.

(Reuters - Reporting by Chandini Monnappa and Arunima Kumar in Bengaluru; Editing by Varun H K)