BP (BP) Q2 2026 (Q&A) earnings summary

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, despite higher exploration write-offs.

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

• Dividend per share increased 4% to 8.66 cents.

• Leadership is prioritizing balance sheet strength, portfolio simplification, disciplined investment, operational excellence, and accountability.

• Operational performance lagged expectations, with plant reliability issues in the North Sea and Indonesia, and refining downtime at Whiting.

Financial highlights

• Net debt reduced to $22.3bn from $25.3bn in Q1, totaling a $7bn reduction since Q1.

• 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.

• BPX production reached 545,000 boe/d, with 1H production up nearly 20% year-over-year despite lower gas prices.

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

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.

• Cost base expected to fall to $18bn by end of next year, down from $22bn in 2025.

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