BP has forecasted a "weak" performance in gas marketing and trading for the first quarter of 2025, according to its early indicators.

The company also anticipates a decrease in upstream production compared to the previous quarter, with a slight increase in oil but a decline in gas and low carbon energy, as reported by City AM.

Earnings from its oil production and operations segment are expected to remain largely unchanged due to price lags in the Gulf of America and the UAE.

On Friday, BP also projected that its net debt would be approximately $4bn (£3.1bn) higher year-on-year.

"This is driven primarily by a working capital build, which is largely expected to reverse, reflecting seasonal inventory effects, timing of payments including annual bonus payments and payments related to low carbon assets held for sale," the company stated in a market announcement.

In its customers and products division, BP warned that results could be affected by lower seasonal volumes and stronger realised refining margins ranging from $0.1bn to $0.3bn.

Brent averaged $75.73 per barrel in the first quarter, compared to $74.73 in the fourth quarter of 2024.

BP's Refining Marker Margin (RMM) averaged $15.2 per barrel, compared to $13.1 per barrel in 2024.

The company will announce its first quarter results on 29 April 2025.

Shares have fallen just over 14 per cent this year to date.