BP (BP) investor relations material

Executive summary

• Underlying replacement cost profit for Q2 2026 was $5.7bn, up $2.5bn from Q1, driven by higher liquids/gas realizations, refining margins, and strong trading performance.

• Operating cash flow reached $10.9bn, supporting a $7bn reduction in financial obligations and net debt to $22.3bn.

• Dividend per share increased 4% to 8.66 cents.

• Strategic focus remains on strengthening the balance sheet, simplifying the portfolio, and disciplined capital allocation.

• Leadership emphasizes operational excellence, accountability, and prioritizing high-return assets.

Financial highlights

• Sales and other operating revenues for Q2 were $69.1bn, up from $46.6bn in Q2 2025.

• Upstream production was 2,201 mboe/d, with refinery throughputs at 1,467 mbd.

• Underlying RC profit per share was 36.92 cents in Q2, up from 15.03 cents in Q2 2025.

• Adjusted EBITDA for Q2 was $10.3bn, up from $5.2bn in Q2 2025.

• Net debt reduced by $3bn sequentially and $7bn since Q1, now at $22.3bn.

Outlook and guidance

• FY 2026 capex expected at $13.5–14.0bn, reflecting delayed asset farm downs.

• Full-year divestment proceeds guided at $8–9bn, including ~$6bn from Castrol transaction.

• Net debt target of $14–18bn expected to be achieved in FY 2026, ahead of plan.

• 3Q 2026 upstream production guidance: 2,100–2,250 mboe/d; refinery throughput: 1,300–1,360 mbd.

• Material cost base reduction targeted by end of next year, aiming for $18bn versus $22bn in 2025.