BP Anticipates Major Hit to Q2 Earnings Amid Weak Refining Margins

BP projects a significant decline in second-quarter earnings, anticipating a $500 million to $700 million impact due to lower realised refining margins. The company also foresees weaker oil trading performance following a robust first quarter.

BP expects a substantial decrease in its second-quarter earnings by $500 million to $700 million, largely due to lower realised refining margins, the oil firm announced on Tuesday.

In addition to the weak refining margins, BP predicts that its oil trading operations will underperform following a strong performance in the first quarter.