BP's second-quarter results are expected to be impacted by lower prices received for gas and oil, while its upstream output is set to be higher than previously forecast, the company said in a trading update on Friday ahead of results due on August 5.

BP has said lower oil and gas prices will weigh on its earnings in the second quarter, even as the energy major flagged an increase in production and higher refining margins. In a trading update on Friday, BP said it expected earnings in its oil business to be $600mn-$800mn lower in the three months to the end of June than the previous quarter.

Shell and Exxon warned of weaker Q2 earnings due to lower oil and gas prices, with Exxon expecting a $1.5 billion hit.