BP Faces $3B Hit in 2Q24 Amid Refining Challenges & Low Demand

BP plc (BP) is bracing for a substantial financial setback as it prepares to report its second-quarter 2024 results. The company anticipates a $3-billion (£2.3 billion) hit due to reduced demand for fuels, which has affected its refining business. BP's upstream production in the second quarter is projected to remain broadly flat compared with the prior three months, with oil and gas production standing at 2.38 million barrels of oil equivalent per day (Boe/d) in the first quarter. This stability follows the ...