BP plc updated its guidance for the second quarter of its fiscal year 2026 on Tuesday, projecting that its upstream production will be between 2,170 and 2,220 thousand barrels of oil equivalent per day (mboe/d), falling from 2,339 mboe/d observed in the previous quarter, due to the disruptions caused by the situation in the Middle East and seasonal maintenance mostly in the Gulf of Mexico. Meanwhile, the company expects gas and low-carbon energy production to reach between 750 mboe/d and 770 mboe/d, and oil production and operations to be between 1,420 mboe/d and 1,450 mboe/d. The oil giant also stated its oil trading result is projected to be slightly higher than in the first quarter of 2026, with stronger realized refining margins in the range of +$1.2 billion to 1.4 billion. It added that it expects to record $1 billion in impairments tied to its gas and low carbon energy segment.