BP reported first‑quarter 2026 earnings, with an underlying replacement‑cost profit of $3.2 billion, surpassing the consensus estimate of $2.67 billion. The profit rose from $1.5 billion in Q4 2025 and $1.4 billion in Q1 2025. Adjusted operating cash flow reached $8.9 billion, and net debt stood at $25.3 billion, up from $22.2 billion at the end of 2025.
The earnings beat was driven by exceptional oil trading and stronger midstream performance. Upstream production remained flat due to maintenance and Middle East disruptions, but trading gains offset the flat upstream output.
The Customers & Products segment contributed a significant lift to underlying RC profit, while refining margins rose to $16.9 per barrel from $15.2 per barrel, supporting the overall profit increase.
BP reaffirmed its 2026 capital‑expenditure guidance of $13–$13.5 billion and reiterated its net‑debt reduction target of $14–$18 billion by the end of 2027, signaling confidence in its investment plan and balance‑sheet strategy.
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 capitalize 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." CFO Kate Thomson added, "BP delivered $3.2 billion of underlying net income for the quarter, ‘significantly higher than the fourth quarter,’ and $8.9 billion of operating cash flow excluding working capital movements."
Investors welcomed the earnings beat, noting that the combination of trading gains, refining margin expansion, and a solid cash‑flow position underpins BP’s strategy to strengthen its balance sheet while maintaining operational momentum.
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