Bp Plc · LSE:BP.
Bp — Q1 2026 Earnings Presentation
30 slides from Bp's earnings presentation, Apr 28, 2026
Slide 1: 1Q 2026 financial results
1Q 2026 financial results 2Q 2025 financial 1Q 2026 results financial results 1
Slide 2: Opening remarks
Craig Marshall Craig Marshall SVPSVP investor investor relations relations 3Q 2025 financial results 2Q 2025 1Q financial results 2026 financial results 2 Hello everyone, and thanks for your interest in bp’s first quarter 2026 results . Today’s video features Meg O’Neill, chief executive officer, an
Slide 3: Cautionary statement
Cautionary statement In order to utilise the ‘safe harbor ’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, bp is providing the following cautionary statement : The discussion in this presentation conta
Slide 4: CEO opening remarks
Meg O’Neill Craig Marshall SVPChief executive investor relations officer 3Q 2025 financial results 2Q 2025 1Q financial results 2026 financial results 4 Thanks Craig . It’s an honour and privilege to be here today as bp’s CEO . I have a deep respect for bp ; its history, global reach and long -stand
Slide 5: Opening remarks continued
I’m encouraged by what I’ve already seen across the business : strong technical expertise, a deep commitment to safety, and a clear understanding of the need to deliver operational excellence and competitive returns through the cycle . Execution and consistency will be critical in realising our pote
Slide 6: CFO opening remarks
Kate Thomson Craig Marshall SVPChief financial investor relationsofficer 3Q 2025 financial results 2Q 2025 1Q financial results 2026 financial results 5 Thank you Meg, and let me say on behalf of the whole bp team a very warm welcome to you . I am very much looking forward to working together with y
Slide 7: Price environment
Price environment Crude price – Brent dated Natural gas prices Refining indicator margin HH – Spot HH – First of Month UK NBP (right axis) $/ bbl $/ mmbtu p/ therm $/ bbl 160 40 160 50 2Q 2Q 2Q 40 130 30 130 30 100 20 100 20 70 10 70 10 40 0 40 0 Jan-2026 Jan -26 Feb-2026 Feb -26 Apr-2026Apr -26 1 M
Slide 8: 1Q 2026 highlights
1Q 2026 highlights Upstream Upstream Refining production plant reliability availability 2.3 mmboed 95.7% 96.3% 4Q 2025 2.3mmboed 4Q 2025 95.4% 4Q 2025 96.0% Underlying replacement Adjusted operating Net debt * cost profit * cash flow * $3.2bn $8 .9bn $25.3 bn 4Q 2025 $1.5bn 4Q 2025 $6.7bn 4Q 2025 $2
Slide 9: 1Q 2026 underlying results
1Q 2026 underlying results $bn 1Q 2026 4Q 2025 1Q 2025 Brent dated ($/bbl) 81.1 63.7 75.7 Henry Hub ($/mmbtu) 5.1 3.6 3.7 NBP (p/therm) 100.9 75.2 115.9 RIM ($/bbl) 16.9 15.2 8.1 Underlying RCPBIT 6.3 4.4 4.5 Gas & low carbon energy 1.3 1.4 1.0 Oil production & operations 2.0 2.0 2.9 Customers & pro
Slide 10: Income statement commentary
and lower retail fuels margins . These were more than offset by ; − a higher midstream performance, with our integrated value chain enabling greater flexibility in sourcing and routing volumes to capture value ; − one -off timing effects ; and − a lower underlying operating expenditure . − In produc
Slide 11: 1Q 2026 cash flow and balance sheet
1Q 2026 cash flow and balance sheet $bn 1Q 2026 working capital build ($bn) 1Q 4Q 1Q 6.0 0.8 2026 2025 2025 1.1 Operating cash flow 2.9 7.6 2.8 *1 4.1 Working capital (build)/release (6.0) 0.9 (3.4) Capital expenditure (3.3) (4.2) (3.6) Divestment and other proceeds 0.2 3.6 0.3 Net debt * 25.3 22.2
Slide 12: 1Q 2026 net debt movement
1Q 2026 net debt movement ($bn) 8.9 0.2 (6.0) 2.9 (3.3) (3.1) 3Q25 announced s hare buyback 1 (1.8) $(0. 5)bn (1.0) (0.1) Adjusted Working Operating Divestment and Capital Shareholder Lease liabilities Other Net debt * operating cash capital build * cash flow other proceeds expenditure distributions
Slide 13: Capital structure update
− the unwind of working capital ; and − the allocation of all excess cash to the balance sheet . In addition, we have announced today, subject to market conditions, our plan to reduce our hybrid corporate bond financing by around $4.3 billion by the end of 2027 . This is from today’s balance of $13.
Slide 14: Middle East implications
Middle East implications 2025 upstream production (bp share, net of royalties) Marker vs realised prices UAE 1Q realisations Crude oil Natural gas Total hydrocarbons GoA 1Q realisations (mbd) (mmcfd) (mboed) Subsidiaries 140 1Q Abu Dhabi 208 – 208 120 Oman 22 590 124 100 Equity -accounted entities 8
Slide 15: Market realisations
− An example is sales in the Gulf of America, which are priced on a one -month lag . March prices will be captured in second quarter results . There will also be other factors in the second quarter affecting realisations, including the WTI -Brent differential . − In refining, we are seeing margin di
Slide 16: 2Q 2026 outlook and guidance
2Q 2026 outlook and guidance 1Q 2026 reported 2Q 2026 guidance 1 Reported upstream production 2,339 mboed – Lower due to seasonal maintenance predominantly in the Gulf of America and the effects of disruption in the Middle East – Heightened volatility in the oil and gas prices could also impact PSA
Slide 17: FY 2026 outlook and guidance
FY 2026 outlook and guidance FY 2025 reported FY 2026 guidance 1 Reported upstream production 2,312 mboed Lower due to effects of disruptions in the Middle East Group Underlying production * broadly flat OP&O Underlying production broadly flat G&LCE Underlying production lower Customers $3.8bn – Cas
Slide 18: CEO closing remarks
Meg O’Neill Craig Marshall SVPChief executive investor relations officer 3Q 2025 financial results 2Q 2025 1Q financial results 2026 financial results 14 Thanks Kate . This has been another strong quarter for bp despite a lot of external volatility . Our operations continue to perform well, we have
Slide 19: Strategic priorities
front -line teams, understanding our assets, and reinforcing our strategic priorities at every level of the organisation . I have announced the intention to organise bp with a defined Upstream and Downstream . This change will enable us to reset ways of working and ensure that accountability sits in
Slide 20: Appendix
Appendix • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level 3Q 2025 financial results 2Q 2025 financial 1Q 2026 results financial results 15
Slide 21: Financial summary
Financial summary $bn 1Q 2026 1Q 2025 Brent dated ($/bbl) 81.1 75.7 Henry Hub ($/mmbtu) 5.1 3.7 NBP (p/therm) 100.9 115.9 RIM ($/bbl) 16.9 8.1 Underlying RCPBIT 6.3 4.5 Gas & low carbon energy 1.3 1.0 Oil production & operations 2.0 2.9 Customers & products 3.2 0.7 OB&C (0.3) (0.1) Consolidation adj
Slide 22: Gas and low carbon energy
Gas and low carbon energy 1Q 2026 4Q 2025 1Q 2025 Underlying RCPBIT $bn Production volume Liquids (mbd) 87 86 83 Natural gas ( mmcfd ) 4,124 4,074 3,950 Total hydrocarbons (mboed) 798 788 764 Average realisations Liquids ($/bbl) 67.17 62.72 70.74 Natural gas ($/mcf) 6.30 6.30 7.26 1Q 2026 vs 4Q 2025
Slide 23: Oil production and operations
Oil production and operations 1Q 2026 4Q 2025 1Q 2025 Underlying RCPBIT $bn Production volume Liquids (mbd) 1,126 1,134 1,086 Natural gas ( mmcfd ) 2,407 2,442 2,258 Total hydrocarbons (mboed) 1,541 1,555 1,475 Average realisations Liquids ($/bbl) 59.75 56.09 67.50 Natural gas ($/mcf) 3.57 3.19 4.74
Slide 24: Customers and products
Customers and products 1Q 2026 4Q 2025 1Q 2025 Underlying RCPBIT $bn Customers – convenience & mobility ($bn) Customers – convenience & 1.5 1.5 1.2 * mobility adjusted EBITDA 1 Castrol adjusted EBITDA 0.3 0.3 0.3 Capital expenditure 0.4 1.1 0.6 Marketing sales of 3,030 3,170 3,054 refined products (
Slide 25: Glossary – abbreviations
Glossary – abbreviations AHFS Assets held for sale . mmbtu Million British thermal units . Barrel (bbl) 159 litres, 42 US gallons . mmcfd Million cubic feet per day . boe Barrels of oil equivalent . NBP National balancing point . NCI Non -controlling interest . C&P Customers and products . OB&C Othe
Slide 26: Glossary
Glossary Adjusted EBITDA Non -IFRS measure presented for bp's operating segments and is defined Capital Total cash capital expenditure as stated in the condensed group cash flow as RC profit before interest and tax, adjusting for net adjusting items* expenditure statement . Capital expenditure for t
Slide 27: Glossary
Glossary Major projects Have a bp net investment of at least $250 million or are considered to Refining Represents Solomon Associates’ operational availability for bp -operated be of strategic importance to bp or of a high degree of complexity . availability refineries, which is defined as the perce
Slide 28: Glossary
Glossary Structural cost Calculated as decreases in UOE* as a result of operational Underlying Is a non -IFRS measure and a subset of production and manufacturing reduction efficiencies, divestments, workforce reductions and other cost operating expenses plus distribution and administration expenses
Slide 29: Glossary
Glossary Underlying RC For the operating segments or C&P businesses is calculated as RC Upstream Includes oil and natural gas field development and production within the profit or loss profit or loss* including profit or loss attributable to NCI before G&LCE and OP&O segments . References to upstrea
Slide 30: Resources
Resources bp's website includes information Useful links Investor events about our financial performance, reports and information on – Why invest in bp 04 August 2026 Second quarter investing in bp, dividend payments, – Modelling guidance results AGM and strategy events. – Databook 27 October 2026 T