Business
1Q26 SEA Part 1 of 1
BP PLC reported a first-quarter 2026 underlying replacement cost profit of $3.2 billion, a significant increase from $1.5 billion in the prior quarter, driven by strong performance in its customers and products segment, particularly in refining and oil trading. The company's upstream operations showed improved reliability, with production remaining broadly flat despite disruptions. Operating cash flow was $2.9 billion, and capital expenditure was $3.3 billion. BP announced a dividend of 8.320 cents per ordinary share and plans to reduce its hybrid bond financing by approximately $4.3 billion by the end of 2027. Net debt increased to $25.3 billion. Disclaimer*
About this update from Bp Plc
[{"type":"text","content":"\n\n\n\n\n\nTop of page 1\n\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n \n\n\n\n\nLondon 28 April 2026\n\n\n\n\n\n\n\nBP p.l.c. Group results\n\n\n\n\nFirst quarter 2026\n\n\n\n\n \n \n \n\"For a printer friendly version of this announcement please click on the link below to open a PDF version of the announcement\"\nhttp://www.rns-pdf.londonstockexchange.com/rns/1035C_1-2026-4-27.pdf\n \n \nContinued strong operational and financial delivery\n\n\n\n\n \n\n\n\n\nFinancial summary\n\n\n \n\n\nFirst\n\n\nFourth\n\n\nFirst\n\n\n\n\n \n\n\n \n\n\nquarter\n\n\nquarter\n\n\nquarter\n\n\n\n\n$ million\n\n\n \n\n\n2026\n\n\n2025\n\n\n2025\n\n\n\n\nProfit (loss) for the period attributable to bp shareholders\n\n\n \n\n\n3,842\n\n\n(3,422)\n\n\n687\n\n\n\n\nInventory holding (gains) losses*, net of tax\n\n\n \n\n\n(3,180)\n\n\n666\n\n\n(118)\n\n\n\n\nReplacement cost (RC) profit (loss)*\n\n\n \n\n\n662\n\n\n(2,756)\n\n\n569\n\n\n\n\nNet (favourable) adverse impact of adjusting items*, net of tax\n\n\n \n\n\n2,536\n\n\n4,297\n\n\n812\n\n\n\n\nUnderlying RC profit*\n\n\n \n\n\n3,198\n\n\n1,541\n\n\n1,381\n\n\n\n\nOperating cash flow\n\n\n \n\n\n2,860\n\n\n7,602\n\n\n2,834\n\n\n\n\nCapital expenditure\n\n\n \n\n\n(3,290)\n\n\n(4,168)\n\n\n(3,623)\n\n\n\n\nDivestment and other proceeds(a)\n\n\n \n\n\n248\n\n\n3,602\n\n\n328\n\n\n\n\nNet debt*(b)\n\n\n \n\n\n25,309\n\n\n22,182\n\n\n26,968\n\n\n\n\nUnderlying operating expenditure*\n\n\n \n\n\n5,369\n\n\n5,639\n\n\n5,304\n\n\n\n\nAnnounced dividend per ordinary share (cents per share)\n\n\n \n\n\n8.320\n\n\n8.320\n\n\n8.000\n\n\n\n\nUnderlying RC profit per ordinary share* (cents)\n\n\n \n\n\n20.67\n\n\n10.00\n\n\n8.75\n\n\n\n\nUnderlying RC profit per ADS* (dollars)\n\n\n \n\n\n1.24\n\n\n0.60\n\n\n0.53\n\n\n\n\n \nHighlights\n• Strong upstream operations: 1Q 2026 upstream plant reliability improved to 95.7% (4Q25 95.4%); reported production broadly flat as higher production in the Gulf of America and strong performance in bpx Energy offset the impact of disruptions in the Middle East and a North Sea divestment at the end of 2025.\n• Improved downstream reliability; focused on running assets safely to meet customer demand: refin...