BP shares fell on Tuesday after the company said it expects to book a loss of up to $2 billion in the second quarter and warned lower refining margins will affect its results.
BP shares were down 2.6% in morning trading in London. In the U.S., the decline was just over 4% in afternoon trading.
In a statement on Tuesday, the company said it expects weak refining margins and a weaker performance in oil trading to affect its second-quarter results, which will be released on July 30. The impact of that loss is estimated at $500 million to $700 million.
The energy company also expects to book asset and reserve write-downs of $1 billion to $2 billion in the second quarter. This loss includes charges related to the ongoing review of the Gelsenkirchen refinery in Germany.
Production in the second quarter should be "roughly flat" compared with the previous quarter, BP $BPsaid , and it also expects an average result in natural gas sales and trading.
Overall, the energy sector is "slightly"…