BP has reached an agreement to sell minority interests in more than 10 companies in its ventures arm portfolio to investment firm Verdane, it said on Wednesday.
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BP PLC (LSE:BP.) expects higher oil and gas prices to offset lower production in the second quarter, while net debt is forecast to fall sharply despite a $1 billion impairment charge.
Quarterly reported upstream production is expected to range from 2.17 million to 2.22 million barrels of oil equivalent a day, compared with 2.34 million barrels of oil equivalent a day in the first quarter.
BP expects upstream production to fall in the second quarter, in line with previous guidance, due in part to the effects of the crisis in the Middle East, the oil major said on Tuesday.
BP and Shell shares have staged a strong comeback this week, helped by rising crude oil prices. BP jumped to 505p, its highest point since June 22, and 12.2% above its lowest level this year.
BP CEO Meg O'Neill said on Thursday the British energy major needs to prioritise financial discipline by simplifying its portfolio, cutting costs and tightening capital spending, as the company refocuses on its core oil and gas investments.