Forecast - Production | Capital Markets | Capital Expenditure | Drilling Program-Rig Count | Capital Expenditure - 2020 | 2020 Guidance
BPX Energy Talks 2020 Outlook; Latest in Rigs, Permit Activity
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BP plc reported Q4 2019 results for its upstream subsidiary, BPX Energy, as well as its corporate 2020 capital plan.
2020 Capital & Production OutlookIn its call, BP noted that 2020 production would likely be below 2019 levels due to commodity declines and asset sales: "We expect full year underlying production to be lower than 2019 due to declines in lower-margin gas basins. We expect reported production to be lower due to the above factor and the impact of the ongoing divestment program. We estimate the impact of divestments to be in the range of 200,000 to 250,000 barrels of oil equivalent a day in 2020. Of this, over half comes from lower-margin onshore U.S. gas production and much of the balance from lower-margin oil."
Rig Activity
In its call, BP noted that it…
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