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BP (BP) investor relations material
BP Q2 2026 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Underlying replacement cost profit for Q2 2026 was $5.7bn, up $2.5bn from Q1, driven by higher liquids/gas realizations, strong price environment, and trading performance, despite higher exploration write-offs.
Operating cash flow reached $10.9bn in Q2, supporting a $7bn reduction in financial obligations and reflecting higher earnings and lower working capital build.
Dividend per share increased 4% to 8.66 cents.
CEO outlined five priorities: strengthening the balance sheet, simplifying the portfolio, disciplined investment, operational excellence, and accountability.
Reported profit attributable to shareholders was $3.9bn for Q2 and $7.8bn for H1, both significantly higher year-over-year.
Financial highlights
Sales and other operating revenues for Q2 were $69.1bn, up from $46.6bn in Q2 2025.
Upstream production was 2,201 mboed, down 6% from Q1 due to maintenance and disruptions.
Refinery throughputs were 1,467 mbd, down 4% sequentially.
Adjusted EBITDA for Q2 was $10.3bn, up from $5.2bn in Q2 2025.
Net debt reduced to $22.3bn from $25.3bn in Q1.
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 now expected to be achieved in FY 2026, ahead of plan.
3Q 2026 upstream production guidance: 2,100–2,250 mboed; refinery throughput: 1,300–1,360 mbd.
Customers business expected to see lower results in Q3 due to flat volumes and lower midstream/Castrol earnings.
- Profit up 78% to $5.7B, net debt down to $22.3B, and dividend per share raised 4%.BP
Q2 20264 Aug 2026 - Upstream output drops, but higher oil prices and margins drive earnings; net debt falls sharply.BP
Trading update14 Jul 2026 - Upstream gains and cost cuts offset weaker refining, with robust shareholder returns in 2024.BP
Q4 20249 Jul 2026 - Targets >20% free cash flow CAGR, >16% ROACE by 2027, and $4–$5bn cost cuts.BP
Investor Update9 Jul 2026 - 2024 underlying RC profit fell 36% to $8.9bn, with $7bn in buybacks and 10% dividend growth.BP
Q4 2024 (Q&A)8 Jul 2026 - Q2 2024 saw strong cash flow, higher underlying RC profit, and increased shareholder returns.BP
Q2 20248 Jul 2026 - Q3 2025 saw strong cash flow, record exploration, and disciplined capital management.BP
Q3 2025 (Q&A)8 Jul 2026 - Profit rebounded to $3.8B on strong trading and refining, but outlook cautious amid Middle East risks.BP
Q1 2026 (Q&A)29 Apr 2026 - Underlying profit surged to $3.2B in Q1 2026, fueled by resilient operations and strong refining.BP
Q1 202628 Apr 2026
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