April 11 (Reuters) - Energy group BP (BP.L) , opens new tab expects its first-quarter gas marketing and trading result to be "weak" while net debt will rise, the company said on Thursday, sending its shares down in early trading.

The update offers an early glimpse into BP's quarterly performance with scrutiny of its debt and spending intensifying following activist investor Elliott Management's build-up of a stake in the company in recent months.

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BP did not give further details on its gas trading result. Energy companies rarely reveal details of their trading divisions.

BP shares were down about 2.7% in early trading, compared with a 1.3% fall in a broader index of energy companies (.SXEP) , opens new tab.

The company is due to report first-quarter results on April 29.

The British oil major said it expects net debt to increase from the previous quarter by about $4 billion, citing seasonal builds in inventories and the timing of payments, including annual bonuses and costs related to low-carbon asset sales.

In a strategy revamp in February, BP CEO Murray Auchincloss pledged to cut BP's net debt from about $23 billion at the end of last year to between $14 billion and $18 billion by the end of 2027.

BP, meanwhile, expects earnings from its oil production and operations segment to be broadly flat from the previous quarter while upstream production will dip as asset sales in Egypt and Trinidad dent gas output.

Stronger refining margins are expected to contribute between $100 million and $300 million to first-quarter earnings while oil trading is expected to be flat, the company added.

https://www.reuters.com/business/energy/bp-forecasts-lower-first-quarter-reported-upstream-production-2025-04-11/