BP · BP p.l.c.

BP p.l.c. delivered strong Q1 2026 results with underlying RC profit of $3.2 billion, significantly higher than $1.5 billion in Q4 2025 and $1.4 billion in Q1 2025, driven by exceptional oil trading, stronger midstream performance, and higher realized refining margins. Reported profit attributable to shareholders swung to $3.8 billion from a $3.4 billion loss in the prior quarter, adjusted for $3.2 billion inventory holding gains (net of tax) and $2.5 billion net adverse adjusting items (net of tax), including $1.1 billion fair value accounting effects and $0.4 billion post-tax impairments. Segment-wise, customers & products led with underlying RC profit before interest and tax of $3.2 billion (up from $1.3 billion prior quarter), fueled by refining recovery at Whiting, higher throughput, and oil trading; oil production & operations held steady at $2.0 billion underlying; gas & low carbon energy at $1.3 billion. Operational metrics improved with upstream plant reliability at 95.7% (from 95.4%) and refining availability at 96.3% (from 96.0%), supported by Gulf of America and bpx Energy production offsetting Middle East disruptions and North Sea divestment. Operating cash flow of $2.9 billion absorbed a $6.0 billion adjusted working capital build from seasonal effects, rising prices, and inventory. Net debt rose to $25.3 billion from $22.2 billion. CEO Meg O'Neill emphasized relentless safe operations amid conflict, progress on 2027 targets including $6.5-7.5 billion structural cost reductions post-Gelsenkirchen sale, and hybrid bond reduction to $9 billion. Guidance flags Q2 upstream production decline from maintenance and disruptions, refining turnaround impacts, and 2026 upstream flat underlying. Dividend raised to 8.320 cents per share, targeting resilient payouts and A-grade credit metrics with $14-18 billion net debt by 2027.