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BP BP-N said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

The London-listed oil major also expects strong results in oil and gas trading, along with a $100-million-$200-million boost from improved oil refining margins.

Lower realized prices, however, will mean a hit of $200-million to $400-million to its gas and low-carbon energy segment, BP said in its first trading outlook for 2024.

For oil, lower realized prices will mean an adverse impact of between $300-million and $600-million, it said, due in part to price lags on its production in the U.S. Gulf of Mexico and the UAE.

BP is scheduled to report its results on May 7.

Last week, rival Shell said in its first-quarter trading update that it expects significantly lower results from liquefied natural gas trading.

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