BP (BP) Q1 2026 earnings summary

Executive summary

• Delivered strong operational and financial results in Q1 2026 amid significant external volatility, including geopolitical tensions and supply disruptions in the Middle East, with high plant reliability and refining availability.

• Upstream production remained resilient at 2.3 million barrels of oil equivalent per day, supported by high plant reliability and strong Gulf of America and BPX performance.

• Refining throughput reached its highest quarterly figure in four years, with availability above 96% for the fifth consecutive quarter.

• Announced organizational changes to define upstream and downstream segments, aiming to simplify decision-making and enhance accountability.

• Announced the sale of the Gelsenkirchen refinery, furthering portfolio simplification and cost reduction targets.

Financial highlights

• Underlying replacement cost profit was $3.2 billion, more than double the previous quarter's $1.5 billion.

• Reported IFRS profit for Q1 was $3.8 billion after inventory holding gains.

• Operating cash flow before working capital build was $8.9 billion; reported operating cash flow was $2.9 billion after a $6 billion working capital build.

• Net debt increased to $25.3 billion, primarily due to a $6 billion working capital build.

• Dividend per ordinary share announced at 8.32 cents.

Outlook and guidance

• Q2 2026 upstream production expected to be lower due to seasonal maintenance and Middle East disruptions.

• Full-year 2026 upstream production guidance revised lower due to ongoing Middle East effects; all other full-year guidance unchanged.

• Refining throughput anticipated to decrease due to planned turnaround activity and recent third-party events.

• Excess cash will be fully allocated to strengthen the balance sheet.

• Plan to reduce hybrid corporate bond financing by $4.3 billion by end of 2027; $9 billion of hybrid bonds to remain as a permanent capital structure component.