BP said on Tuesday that lower refining margins would hurt its fourth-quarter profit by $100 million to $300 million and that it expects oil trading to be weak.

BP forecasts that weaker realized refining margins will dent the Q4 earnings by up to $300 million. Refinery turnaround activity is also set to have a higher impact for the fourth quarter compared to the third quarter.

The British oil-and-gas company on Tuesday also said its gas and low carbon energy division will be boosted by higher natural-gas market prices.

BP warned on Tuesday that lower production, weak refining margins and sluggish trading would see its profit in the fourth quarter of 2024 fall from the previous three months. Since taking the helm a year ago,