BP reported Q1 2026 underlying replacement cost profit of $3.2 billion, more than doubling from $1.4 billion in Q1 2025, driven by exceptional oil trading and significantly higher refining margins. Revenue rose to $52.3 billion from $46.9 billion, and net debt increased to $25.3 billion from $22.2 billion at year-end 2025. S&P revised BP's outlook to positive on April 2, 2026, affirming its A-/A-2 ratings.
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Executive Summary
BP reported Q1 2026 underlying replacement cost profit of $3.2 billion, more than doubling from $1.4 billion in Q1 2025, driven by exceptional oil trading and significantly higher refining margins. Revenue rose to $52.3 billion from $46.9 billion, and net debt increased to $25.3 billion from $22.2 billion at year-end 2025. S&P revised BP's outlook to positive on April 2, 2026, affirming its A-/A-2 ratings.
Key Facts
- Underlying RC profit of $3.2 billion in Q1 2026, up from $1.4 billion in Q1 2025
- Profit attributable to bp shareholders of $3.8 billion, compared to $0.7 billion in Q1 2025
- Sales and other operating revenues of $52.3 billion, up from $46.9 billion in Q1 2025
- Operating cash flow of $2.9 billion, roughly flat vs $2.8 billion in Q1 2025
- Net debt increased to $25.3 billion from $22.2 billion at end of Q4 2025
- Dividend per ordinary share announced at 8.320 cents, up 4% from 8.000 cents in Q1 2025
- S&P revised outlook to positive on April 2, 2026, affirming A-/A-2 ratings
- bp plans to reduce perpetual hybrid bond capital by $4.3 billion through redemptions
- 2026 capital expenditure budget reiterated at $13-13.5 billion
- Divestment and other proceeds expected to be $9-10 billion in 2026, including ~$6 billion from Castrol transaction
Financial Impact
Not specified
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000313807-26-000010 |
| Document: 0000313807-26-000010-index-headers.html | 0000313807-26-000010 |
| Document: 0000313807-26-000010-index.html | 0000313807-26-000010 |
| Document: 0000313807-26-000010.txt | 0000313807-26-000010 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 8, 2026 20w ago | 6-K | — | awaiting T+20 | — | — |
Jun 1, 2026 21w ago | 6-K | — | awaiting T+20 | — | — |
Jun 1, 2026 21w ago | 6-K | — | awaiting T+20 | — | — |
May 26, 2026 22w ago | 6-K | — | awaiting T+20 | — | — |
Apr 28, 2026 26w ago | 6-K | — | awaiting T+20 | — | — |
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