BP expects its 1Q upstream production to be lower than in 4Q 2019, in the range 2,550-2,600 MMboe/d.
Offshore staff
LONDON – BP expects its 1Q upstream production to be lower than in 4Q 2019, in the range 2,550-2,600 MMboe/d.
The company expects to cut its capex for 2020 by around 25% to roughly $12 billion, including a reduced exploration and appraisal activity and optimization of major project spending.
BP is targeting around $2.5 billion of cash cost savings by the end of 2021, compared with 2019, with digitization and increased integration across the group mostly driving the next phase of cost efficiencies.
The company added that it had around $32 billion of cash and undrawn facilities available at the end of 1Q 2020.
