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BP’s oil & gas output down y-o-y

Oil&Gas Materials 29 October 2019 12:06 (UTC +04:00)

BAKU, Azerbaijan, Oct.29

By Leman Zeynalova – Trend:

Reported oil and gas production of BP for the third quarter of 2019 averaged 3.7 million barrels of oil equivalent a day (mboe/d), compared to 3.6 million barrels of oil equivalent a day a year earlier, Trend reports with reference to BP.

Upstream production for the quarter was 2,568 mboe/d, 4.4 percent higher than the third quarter of 2018. Underlying production for the quarter decreased by 2.5 percent, mainly due to increased seasonal turnaround and maintenance activities, and weather impacts resulting from Hurricane Barry in the US Gulf of Mexico.

For the nine months, production was 2,616 mboe/d, 4.2 percent higher than 2018. Underlying production for the nine months was 1 percent lower than 2018, mainly due to increased seasonal turnaround and maintenance activities, and weather impacts resulting from Hurricane Barry in the US Gulf of Mexico.

“Looking ahead, we expect fourth quarter 2019 reported production to be higher than third quarter due to completion of seasonal maintenance and turnaround activities,” said the company.

Bob Dudley , Group chief executive said that BP delivered strong operating cash flow and underlying earnings in a quarter that saw lower oil and gas prices and significant hurricane impacts.

“Our focus remains firmly on maintaining financial discipline and delivering safe and reliable operations throughout BP. We’re also continuing to advance our strategy, making strong progress with our divestment plans and building exciting new opportunities in fast-growing downstream markets in Asia,” he added.

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