BP expects up to $4.5B in Q3 impairments as refining margins jump
pablorebo1984
BP (BP) expects to record $3B to $4.5B in post-tax impairment charges in the third quarter, primarily related to transition businesses within its gas and low-carbon energy segment.
BP’s (BP) refining indicator margin is expected to rise to $46.70 per barrel from $29.60 in Q2. Realized refining margins are expected to contribute $1.9B to $2.1B to the Q/Q improvement in results. Brent crude averaged $96.99 per barrel during the quarter.
Gas trading results are expected to rise significantly quarter over quarter, with gas and low-carbon energy realizations adding $100M to $300M. Oil trading results are expected to remain broadly flat, while oil production and operations realizations are forecast to reduce results by $200M to $400M.
Net debt is expected to fall to $13.5B to $14.5B at the end of September, from $22.3B at the end of June. The company will give its complete Q3 results on October 30.
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