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BP reassures with first quarter update, brokers say

Published 09/04/2024, 12:12
Updated 09/04/2024, 12:40
© Reuters.  BP reassures with first quarter update, brokers say

Proactive Investors - BP (LON:BP)'s trading update suggests it should be close to consensus numbers of US$$3bn net income when it publishes first quarter numbers, says broker Jefferies.

Strong gas trading will address a key concern during the quarter, while oil trading provides a good uplift quarter-on-quarter.

Key operational upsets in the quarter (Whiting, Freeport) seem to have caused a lower impact than feared based on BP’s comments in the statement.

Quarterly results are due on 7 May and Jefferies has a buy recommendation and 570p price target.

Shares rose 1.3% to 516p.

Read more on Proactive Investors UK

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