BP agreed to sell adjoining production and exploration assets on the UK's side of the North Sea that include the Culzean gas and condensate field to Serica for at least $232 million.

BP expects third-quarter upstream production to rise from the previous quarter and anticipates a boost of up to $400 million from higher refining margins in its products segment.

BP expects a rise in upstream production and higher refining margins in its products segment to boost earnings, but warned of a weak contribution from its oil trading division.

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