BP (BP) Trading update summary

Second quarter 2026 trading environment

• Upstream production expected between 2,170 and 2,220 mboe/d, down from 2,339 mboe/d in 1Q26 due to seasonal maintenance and Middle East disruptions.

• Gas & low carbon energy production forecast at 750–770 mboe/d, oil production & operations at 1,420–1,450 mboe/d.

• Brent crude averaged $103.85/bbl in 2Q26, up from $81.13/bbl in 1Q26; US Henry Hub gas averaged $2.90/mmBtu, down from $5.05/mmBtu.

• Refining throughput expected at 1,445–1,475 mb/d, lower due to planned turnarounds and Whiting outage.

Segment performance and financial impacts

• Gas & low carbon energy realizations expected to add $0.5–0.7bn vs. prior quarter; oil production & operations realizations to add $1.8–2.1bn.

• Exploration write-offs of around $(0.5)bn, mainly from Bay du Nord sale.

• Customers & products segment to see seasonally higher volumes, higher fuels margins, and stronger refining margins (+$1.2–1.4bn).

• Oil trading result expected to be slightly higher than 1Q26.

Balance sheet and capital structure

• Net debt projected at $22–23bn at 2Q26, down from $25.3bn in 1Q26, after redeeming €2.5bn hybrid bonds and $1.1bn Gulf of America settlement payment.

• Remaining hybrid bonds expected to be ~$13bn at 2Q26.

• Total of net debt, hybrids, and Gulf of America settlement liabilities to reduce by $6.3–7.3bn vs. 1Q26.

• Working capital build expected in the range of $0–1.5bn.