BP (BP) said Friday it expects upstream volumes to decline in Q1, with slight growth in oil offset by lower gas and low-carbon output due to recently completed asset sales in Egypt and Trinidad.

The company said pricing for both oil and gas is projected to remain steady compared to the previous quarter, though gas trading results are likely to be underwhelming and oil trading is expected to deliver typical returns.

Refining earnings are expected to improve, with higher margins projected to add between $100 million and $300 million to the quarterly result, BP said.

In the customer and product division, BP said it anticipates reduced costs and improved midstream activity, partially countered by a seasonal dip in volume.

BP also said it expects its net debt to increase by roughly $4 billion, mainly due to seasonal working capital shifts and the timing of various outflows.