BP PLC's (LSE:BP.) updated guidance ahead of its third-quarter results was not entirely clear but debt continues to be a "large concern", said analysts, and suggests share buybacks may need to be cut back.
Third-quarter upstream production is expected to rise from the previous quarter. The company also anticipates a boost of up to $400 million from higher refining margins.
BP expects its upstream production to be above last quarter's, the company said in a trading update on Tuesday ahead of results due on November 4, adding that its oil trading result was weak.
Serica Energy PLC (AIM:SQZ) said it has agreed to acquire BP's entire interest in two UK North Sea licences, including a 32% stake in the Culzean condensate field, under a proposed $232 million transaction. The deal also includes BP's interest in the P2544 exploration licence adjacent to Culzean, and remains subject to the waiver of pre-emption rights by joint venture partners.
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