BP reported net profit attributable to its shareholders of $3.8bn for the first quarter of 2026 (Q1 2026), an increase of 453.1% from $687m in the same period of 2025.
In the preceding Q4 of 2025, BP registered a net loss of $3.4bn.
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The British oil and gas company’s sales and other operating revenue for the reported quarter ended 31 March 2026 rose by 11.5% to $52.3bn, up from $46.9bn in Q1 2025.
The underlying replacement cost (RC) profit for the quarter rose by 128.6% to $3.2bn from $1.4bn in Q1 2025. This increase was primarily due to significantly higher realised margins, although it was slightly offset by lower realisations.
Operating cash flow for Q1 2026 was $2.86bn, up by 1.1% from $2.83bn in the same period of 2025.
The gas and low-carbon energy segment reported an RC profit before interest and tax of $1.05bn, reversing a loss of $1.35bn in Q1 2025.
The oil production and operations segment’s RC profit was $1.65bn, down from $2.78bn in the same quarter last year.
BP’s customers and products segment saw an increase in RC profit before interest and tax to $2.45bn, up from $103m in Q1 2025. This surge was driven by higher refining margins and throughput.
Furthermore, the company reported a production rate of 1.54 billion barrels of oil equivalent per day (bboe/d) for the reported quarter. This marked a 4.5% increase from Q1 2025, with underlying production up by 5.9%, largely due to the performance of bpx Energy.
However, bp anticipates a decrease in reported upstream production for Q2 2026 compared to Q1. This is primarily due to seasonal maintenance in the Gulf of Mexico and disruptions in the Middle East.
In the customers business, bp expects higher seasonal volumes to be offset by a lower midstream result, with fuel margins remaining sensitive to developments in the Middle East.
For products, refining throughput is expected to be impacted by planned refinery turnaround activities, with refining margins sensitive to supply costs.
BP’s capital expenditure for 2026 is projected to be $13bn–13.5bn, evenly distributed throughout the year.
Among the operational highlights during the quarter, in February, Aker BP commenced oil production from the Solveig phase two development in the North Sea. BP holds a 15.9% interest in this project.
During the same month, bp confirmed an oil discovery at the Algaita-01 exploration well offshore Angola, operated by its joint venture Azule Energy.
Also in February, bp announced the start-up of the Ndungu full-field, part of the Agogo Integrated West Hub Project in Angola.
Last month, bp emerged as the highest bidder on three blocks in the BBG-2 Gulf of Mexico lease sale.
BP CEO Meg O’Neill said: “BP is a great company, with highly skilled people and world-class assets. We are heading in the right direction, strengthening the balance sheet and continuing to accelerate delivery.
“Now, we have to capitalise on the opportunity that exists across our portfolio, simplifying how we work, unlocking growth and driving improved returns. That is how we will make bp a simpler, stronger, more valuable company.”
