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, 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.