BP · BP p.l.c.

BP p.l.c. delivered a strong Q1 2026 with profit attributable to shareholders of $3.8 billion, reversing the Q4 2025 loss of $3.4 billion, primarily due to $4.2 billion pre-tax inventory holding gains, offset by $2.0 billion net adverse adjusting items including $1.1 billion fair value accounting effects and $0.4 billion impairments. Underlying RC profit rose to $3.2 billion from $1.5 billion in Q4 2025 and $1.4 billion in Q1 2025, reflecting exceptional oil trading, stronger refining margins, higher throughput from lower turnarounds and Whiting refinery recovery, and improved midstream supply optimization in Customers & Products segment, which saw underlying RC profit before interest and tax of $3.2 billion versus $1.3 billion prior quarter. Gas & Low Carbon Energy underlying result was stable at $1.3 billion despite flat realizations and price lags, with average gas trading. Oil Production & Operations held steady at $2.0 billion underlying, impacted by North Sea divestment but supported by higher realizations. Operating cash flow of $2.9 billion supported $3.3 billion capex, with net debt at $25.3 billion. BP announced a 4%+ dividend increase to 8.320 cents per share, targets $14-18 billion net debt by 2027, plans $4.3 billion hybrid bond reduction via 2026-2027 redemptions, and reiterates $13-13.5 billion 2026 capex. Q2 guidance flags lower upstream production from maintenance and Middle East disruptions, offset seasonally higher customer volumes but weaker midstream and higher refining turnarounds.