What's Going On With BP Shares Premarket Today?

Lekha Gupta

April 09, 2024

BP p.l.c. (NYSE:BP) shares are trading higher after the company reported a trading update for the first quarter of 2024.

The British oil major expects upstream production to be higher than the prior quarter, with production projected to be higher in oil production & operations and slightly higher in gas & low carbon energy.

The gas & low carbon energy segment is expected to have an adverse impact in the $0.2 billion-$0.4 billion range from lower realized prices and around $0.2 billion from the devaluation of the Egyptian Pound.

In the oil production & operations segment, realizations are expected to have an adverse impact in the range of $0.3 billion-$0.6 billion, including price lags on production in the Gulf of Mexico and the UAE and also declines in non-Henry Hub natural gas marker prices.

The customers and products segment is expected to witness a benefit of $0.1 billion-$0.2 billion from improving realized refining margins.

Also Read: BP’s Biggest Midwest US Refinery Reportedly Set for March Restart After Power Outage

Outlook: For FY24, BP continues to expect both reported and underlying upstream production to be slightly higher Y/Y. The company projects capital expenditure to be around $16 billion, weighted towards the first half of FY24.

Apart from this, BP is reportedly close to an agreement to divest some of its Trinidad and Tobago oil and gas assets to Anglo-French oil company Perenco, reported Reuters.

“We are close to agreeing on a final price and signing on the dotted line. This will ensure that Perenco can continue to maintain or even increase production from those fields,” the report quoted a person familiar with the talks.

“We will have a deal and announcement well before the end of the summer.”

Investors can gain exposure to the stock via Direxion Hydrogen ETF (NYSE:HJEN) and First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX).

Also Read: BP Reclaims £1.8M From Dismissed CEO’s Pay Package

Price Action: BP shares are up 1.34% at $39.43 premarket on the last check Tuesday.

Recommended

Our No. 1 Way to Profit From Crypto Boom (Under $1) - Ad

Get Your Financial Strategy in Place for 2025 - Ad

Retirement Planning for 2025 -- Act Now! - Ad

Popular

2 bodies are found in the landing gear of JetBlue plane at Florida airport

FORT LAUDERDALE, Fla. (AP) — Two bodies were found in the landing gear compartment of a JetBlue aircraft at a South Florida airport, authorities said.

Thailand's Cabinet approves a draft bill to legalize casinos to boost tourism and economy

BANGKOK (AP) — Cabinet approved on Monday a draft bill legalizing casinos with the aim of boosting tourism and a sluggish economy

The $20 Stock Powering NVIDIA, TESLA, and Microsoft

The $20 Stock Powering NVIDIA, TESLA, and Microsoft - Ad

The biggest AI firms in the world... All rely on this single company. And right now, you can get in for only $20 - but not for long.

Macy's Shuts Down 66 Locations As Part Of New Chapter Strategy

Macy's revealed plans to close 66 stores as part of its "Bold New Chapter" strategy. The company aims to eliminate underperforming locations and focus on its successful stores.

The Trump company is not banning private foreign deals, a break with its first term policy

NEW YORK (AP) — The Trump family business released a voluntary ethics agreement Friday that marks a significant departure from Donald Trump's first term by allowing it to strike deals with private foreign companies.

Is Bill Gates Missing the Big Picture?

Is Bill Gates Missing the Big Picture? - Ad

Bill Gates calls it: "The most transformative technology any of us will see in our lifetimes." Eric Fry agrees, saying it's far more advanced than anything today... including AI. But he also warns it could send millions of Americans into poverty.

Plug Power, Capri And Frontline Are Among Top Mid Cap Gainers Last Week (Jan 6-10): Are The Others In Your Portfolio?

These mid-cap stocks had impressive gains last week, including Inari Medical, Unifirst Corporation, and Walgreens. Are they in your portfolio?

Consumer Tech News (Jan 6-10): Microsoft Pauses Ambitious Data Center Project, Blackstone Makes $300 Million Investment In AI & More

Melania Trump to executive produce upcoming Amazon documentary, offering rare insight into her life and influence in Donald Trump's political world. Apple unable to sell iPhone 16 in Indonesia due to content requirements. Samsung gears up for CES 2025.

Limited Time Offer -- Weiss' Gold Playbook

Limited Time Offer -- Weiss' Gold Playbook - Ad

Do not miss the details about how to claim your piece of high-grade gold bullion -- minted exclusively for Weiss Members. The fact is that gold prices are now higher than ever before. It's critical you get all the critical facts BEFORE the Gold Bull Market Summit recording goes offline.

Amazon Workers Return To Office With Some Exceptions Reported

Amazon began enforcing its global return-to-office policy on Monday, but there have been some exceptions reported.

Tanker hit by Houthi rebels that threatened a Red Sea oil spill has been salvaged

DUBAI, United Arab Emirates (AP) — An oil tanker that burned for weeks in the Red Sea after being attacked by and threatening a massive oil spill has been salvaged, a security firm said Friday.

How to Ride America's $1 Trillion Robot Revolution

How to Ride America's $1 Trillion Robot Revolution - Ad

Like computers before them, robots are evolving at lightning speed, transforming the world, and creating a wave of new millionaires. As Bill Gates says, the uses for robots will be "almost limitless." That's why he's pouring millions into this new technology. Now you can join him in tapping this unstoppable trend for 5, 10, even 15 times your money -- maybe a whole lot more...

Stock Of The Day: Is Walgreens Breaking Out?

Shares of Walgreens (WBA) are trading higher on an earnings beat. They may be breaking the resistance around the $11 level.

Mark Zuckerberg Critiques 'Culturally Neutered' Companies, Advocates For 'Masculine Energy' As Meta Cuts DEI Programs Post-Joe Rogan Appearance

Meta co-founder and CEO Mark Zuckerberg expressed concerns about companies distancing themselves from "masculine energy" during a podcast with Joe Rogan.

Better Than Bitcoin? (Top Crypto for Less Than $1)

Better Than Bitcoin? (Top Crypto for Less Than $1) - Ad

Over the past 15 years, Bitcoin has outperformed stocks, bonds, and every other asset you could've bought. Many predict 2025 will be an even bigger year--hitting $200,000 or higher. But there's a better way to profit from this new crypto rally. Most people don't know about it... and yet it's returned over 1,000% in 4 months. This could be the #1 way to invest in crypto in 2025.

Mark Zuckerberg Says Biden Officials Berated Meta Staff As They Refused To Remove 'True' Content: 'It Just Got To This Point...That's Ridiculous'

Zuckerberg has admitted that officials from the Biden administration have been exerting pressure on Meta staff to remove specific content.

Kohl's to close 27 stores by April as struggling retailer looks to improve profits, sales

NEW YORK (AP) — Kohl’s said Friday it was closing 27 underperforming stores in 15 states by April — a fraction of its 1,150 store base — as the struggling department store aims to boost profitability and improve sagging sales.

Revealed: Buffett's $4.9 Billion Secret

Revealed: Buffett's $4.9 Billion Secret - Ad

Over the last decade, the "Oracle of Omaha" has quietly made an extra $4.9 billion using a low-risk strategy. Jim Fink has used the same strategy to deliver an 84.7% winning rate for his subscribers.

Jim Cramer Works 'Sunday Brainstorm' On Buying Palantir And Tesla Stock, Calls Them 'Protective Intellectual Blankets'

Jim Cramer indicated potential interest in Tesla Inc. and Palantir Technologies Inc. on Sunday, citing their "protective intellectual blankets" as key attractors for his investing club portfolio.

Busy holiday travel season fuels big fourth quarter for Delta

Delta Air Lines topped profit and revenue expectations in the fourth quarter on strong demand during the crucial holiday period.

Shutting Down at 11:59 PM EST

Shutting Down at 11:59 PM EST - Ad

We're in the midst of an explosive bull market, with gold prices now higher than at any other point in history. Just days from now -- on Jan. 28 -- we expect a major financial event to push gold toward $3,000 ... and then much higher from there. It's why timing is so critical.

Apple Announced iPhone 18 Years Ago Today, Changing The Smartphone Industry Forever. Here's How Much You'd Have Now If You Invested $1,000 Back Then

Eighteen years ago, Steve Jobs unveiled the revolutionary iPhone, transforming the tech world and making Apple the most valuable company today.

TikTok could be banned this month. Here's what users can do to prepare

TikTok has cemented itself as a quintessential entertainment app, offering everything from funny skits and makeup tutorials to social commentary and news.

My TOP Altcoin for Right Now Is...

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

Bernie Sanders Says Elon Musk Wrong On Tech Guest Worker Program: H1-B Visa Purpose Is To 'Replace Good-Paying American Jobs'

On Thursday, Jan. 2, 2025, Bernie Sanders criticized Elon Musk's support for the H-1B visa program, claiming it exploits foreign workers, displaces American jobs, and benefits billionaires.

China protests US sanctions for its alleged role in hacking, complains of foreign hacker attacks

BANGKOK (AP) — China has slammed a decision by the U.S. Treasury to company for its alleged role in multiple hacking incidents targeting critical U.S. infrastructure, while the Chinese cyber security agency complained Monday of attacks on Chinese networks.

The $124B Smart Glass Disruptor

The $124B Smart Glass Disruptor - Ad

This Nasdaq-listed company is redefining the $124 billion smart glass market. From aircraft cabin shading systems to dimmable rooftops in vehicles to energy-efficient building glass, their technology supports global leaders like Boeing, Ferrari, and National Geographic. Their $38.3 million order backlog and several new multi-million dollar deals across four major sectors positions them as a market disruptor you can't ignore.

Severe flood warning issued as the UK faces more weather disruptions

LONDON (AP) — Serious flooding swamped parts of England on Tuesday and snow forced three airports to close temporarily as combined to extend that has plagued the U.K. since the start of the year.

China's exports in December grew 10.7%, beating estimates as higher US tariffs loom

HONG KONG (AP) — China’s exports in December grew at a faster pace than expected, as factories rushed to fill orders to beat that U.S. President-elect Donald Trump has threatened to impose once he takes office.

The Most Disruptive Technology in Human History

The Most Disruptive Technology in Human History - Ad

A brand new technology is lining up to be more disruptive than the internet or even today's most advanced artificial intelligence. Those who prepare now could see massive stock gains. Those who don't could find themselves on the wrong side of history.

Rise of US Steel paralleled the arrival of the United States on the world stage

President Joe Biden the $15 billion acquisition of U.S. Steel by Japan's Nippon Steel on Friday — something he had first vowed to do in March.

Job Growth, Fed Jitters, And Rising Mortgage Rates: This Week In Economics

The week has been a rollercoaster ride for the U.S. economy. From a slowdown in private sector job growth to rising inflation concerns at the Federal Reserve, the economic landscape has been anything but predictable.

Bill Gates Is Betting Big on This New Technology

Bill Gates Is Betting Big on This New Technology - Ad

Bill Gates is betting the house on a new tech bound to make investors millions. He says the potential uses for it are "almost limitless." And he believes it is so revolutionary that soon we'll see one in every home. This is tech's next megatrend.

Steve Bannon Targets Elon Musk, Pledges To Expel Him From MAGA Movement: 'He Is a Truly Evil Guy'

Steve Bannon fiercely criticized Elon Musk, calling him "truly evil" and vowing to expel Musk from the MAGA movement.

What's Going On With Robinhood Markets Stock?

Robinhood stock fell by 3% Wednesday before closing flat as the latest employment data signaled a cooling U.S. labor market.

Bitcoin Hits $106K: Trump's Next Move Could Trigger $200K

Bitcoin Hits $106K: Trump's Next Move Could Trigger $200K - Ad

This rally is no accident -- it's part of Trump's bold vision to make America the "Bitcoin Superpower." Central to Trump's plan is the creation of a National Bitcoin Reserve -- a move that could make the U.S. one of the largest Bitcoin buyers in history, creating massive upward pressure on Bitcoin's price.

US extends deadline on Nippon's bid for US Steel, offering some hope that the deal is not dead

HARRISBURG, Pa. (AP) — The bid by Japan's Nippon Steel to buy U.S. Steel may have a new lease on life after the Biden Administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden the deal.

Former Elizabeth Warren Challenger Offers To Lead Federal Probe Into Government's Attempt To Choke Crypto Banking Access

Pro-cryptocurrency attorney John Deaton expressed his willingness on Sunday to lead a federal investigation into the so-called "Operation Choke Point 2.0″ without any salary, a task he deemed an “honor and privilege.”

Shocker: Trump's 1st Day Could Change Everything

Shocker: Trump's 1st Day Could Change Everything - Ad

Legendary investor Louis Navellier, who correctly predicted Trump's win... Believes this "day-one" Trump move is about to create a rare opportunity for everyday Americans like you to turn a small stake into real wealth in the stock market. But hurry...

Apple CEO Tim Cook Reportedly Donates $1 Million To Trump Inauguration, Joins Ranks Of Mark Zuckerberg, Jeff Bezos, And Sam Altman

Apple CEO Tim Cook donated $1 million to Trump's inauguration, joining other tech leaders like Bezos, Zuckerberg, and Altman. Cook values unity.

Trending Now