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BP ( BP ) stock is falling in premarket trading Tuesday after the British oil giant said it expects to book impairments of between $1.0 billion to $2.0 billion in the fourth quarter.

The company said in a fourth-quarter trading update that the “non-cash, post-tax charges” were attributable across its units.

It also said that its upstream production is expected to be lower than that in the third quarter, when output was 2.4 million oil-equivalent barrels per day.

CEO Auchincloss Recovering from Medical Procedure

BP, in its trading update Tuesday, said it expects “weaker” fourth-quarter margins on its refining business.

BP also said Chief Executive Officer Murray Auchincloss will be back in the office in February after recently undergoing a "planned medical procedure" and is "recovering well."

BP’s U.S.-listed shares are falling about 1.3% in premarket trading but are up 7% this year through Monday's close.

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