Energy giant BP has warned that its first quarter revenues could be up to $1billion (£790.1million) lower due to reduced oil, gas and renewables prices.

At its trading update, it said that it expected production of all three to be higher in the first quarter than they were in the fourth, and that it should get a boost worth up to £158millon from improved refining margins.

However, it warned that as realised prices for oil, gas and low carbon and renewable energy were lower during the January to March period than they were the previous quarter, its first quarter earnings will be affected.

BP said that revenues at its gas and low carbon energy businesses will be down by £157.6million to £315million, due to the devaluation of the Egyptian pound and lower prices for gas from the Henry Hub, a pipeline in Louisiana.

At the same time, its oil revenues are forecast to take a £236.3million to £472.6million hit from price lags on production from its Gulf of Mexico and UAE sites. BP is scheduled to release its first quarter results on May 7.

Last week arch rival Shell warned that its first quarter figures would be impacted by “significantly lower” gas results, in comparison to the “exceptional” performance from the division it saw at the end of last year.