Recasts, adds upstream production figures, details on net debt

By Stephanie Kelly

LONDON, July 14 (Reuters) - BP BP.L expects its oil trading result to be slightly higher in the second quarter compared with an exceptionally strong first quarter, as it profits again from a surge in oil prices caused by the Iran war, the British major said on Tuesday.

BP expects upstream production to fall in the second quarter to between 2.17 million and 2.22 million barrels of oil equivalent per day, compared with around 2.34 million boed in the first quarter, due in part to the effects of the crisis, it said in a quarterly trading update.

It flagged its gas trading result to be broadly flat compared with the first quarter.

Net debt at the end of the second quarter is expected to be in the range of $22 billion to $23 billion, lower than the previous quarter's $25.31 billion. BP said it expects the total of net debt, hybrids and Gulf of Mexico settlement liabilities to decrease by around $6.3 billion to $7.3 billion compared with the first quarter.

BP has a target to cut its net debt to $14 billion to $18 billion by end-2027.