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BP plc reported strong first-quarter 2026 results, with underlying replacement cost profit rising to $3.2 billion, up from $1.5 billion in the previous quarter.

Reported profit reached $3.8 billion, supported by exceptional oil trading performance and stronger refining margins. Operating cash flow stood at $2.9 billion, while net debt increased to $25.3 billion due to a $6.0 billion working capital build.

Operationally, BP maintained high reliability levels across upstream and refining segments, with production remaining stable despite disruptions in the Middle East and asset divestments.

The company reaffirmed its strategy, including a quarterly dividend of 8.32 cents per share, ongoing cost reductions, and a 2026 capital expenditure plan of $13–13.5 billion.

Source: BP plc

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The Investor 04-28-26

BP plc provided a trading update for Q1 2026, highlighting the impact of volatile energy markets and geopolitical tensions on expected results.

The company noted that recent conditions—particularly the Middle East situation—have increased volatility in oil, gas, and refined product prices, affecting trading performance and working capital.

Upstream production is expected to remain broadly flat compared to Q4 2025, with slightly higher output in gas and low-carbon energy offset by a small decline in oil production. In the downstream segment, refining margins and oil trading results are expected to improve, with trading performance described as “exceptional” versus a weak prior quarter.

However, net debt is projected to rise to $25–27 billion, driven largely by a significant working capital build linked to higher price levels. The effective tax rate is expected to be around 35%.

Overall, while operational performance remains stable and some segments show improvement, BP’s results are expected to reflect heightened market volatility and geopolitical pressures during the quarter.

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The Investor 04-14-26

bp reported solid underlying performance for the fourth quarter and full year 2025 despite a weaker oil price environment, while announcing a shift in capital allocation to accelerate balance sheet strengthening.

For FY 2025, underlying replacement cost (RC) profit reached $7.5 billion, supported by strong operations across upstream and downstream. Operating cash flow totaled $24.5 billion, while net debt ended the year at $22.2 billion. Upstream plant reliability hit a record 96.1%, reserves replacement rose to 90%, and refining availability reached a record 96.3%. bp also started up seven major projects during the year and delivered its strongest customers segment earnings since 2019.

In the fourth quarter, underlying RC profit was $1.5 billion, down from $2.2 billion in Q3, reflecting lower upstream realizations, refinery outages and seasonal demand softness. bp reported a net loss of $3.4 billion in Q4, largely due to $4.3 billion of adverse adjusting items, including impairments mainly linked to gas and low-carbon transition businesses. Operating cash flow for the quarter was $7.6 billion, and net debt declined quarter on quarter, helped by $3.6 billion of divestment proceeds.

Strategically, bp said expected proceeds from completed and announced divestments now exceed $11 billion, including an agreement to sell a 65% stake in Castrol for around $6 billion. The company raised its structural cost reduction target to $5.5–6.5 billion by end-2027 and announced the suspension of share buybacks, with excess cash to be directed toward strengthening the balance sheet. Capital expenditure for 2026 has been set at $13–13.5 billion, at the lower end of guidance.

Interim CEO Carol Howle said bp made “meaningful strategic progress” in 2025 but emphasized urgency in further reducing costs and reinforcing the balance sheet. bp also confirmed that Meg O'Neill will join as chief executive in April, as the company looks to position itself for long-term value growth, particularly through its upstream portfolio, including the Bumerangue discovery in Brazil.

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WS Investor 02-10-26

BP confirmed that its third-quarter 2025 dividend will be paid on 19 December. The dividend amounts to US$0.0832 per ordinary share and, after converting to sterling at an average rate of 1.33346 USD/GBP, cash payments to UK shareholders will be 6.2394 pence per share.

The company will not offer a scrip dividend alternative for this quarter, but dividend reinvestment plans remain available for eligible investors. The dividend was announced on 4 November and applies to shareholders on the register as of 14 November.

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The Investor 12-09-25

BP CFO Kate Thomson Receives Shares Under Restricted Share Plan

BP reported that Chief Financial Officer Kate Thomson vested 38,878 ordinary shares on November 6, 2025, under the company’s Restricted Share Plan II. The shares were granted at nil cost, with a market value of approximately £178,625. The transaction took place outside a trading venue and was disclosed in accordance with the Market Abuse Regulation.

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WS Investor 11-10-25

BP launches $750 million share buyback programme

BP announced it will begin a share repurchase programme worth about $750 million, running until 6 February 2026. The buyback aims to reduce the company’s issued share capital and will be conducted on the London Stock Exchange and/or Cboe UK under pre-set parameters.

The purchases will be made in line with BP’s shareholder-approved authority from its 2025 Annual General Meeting and in compliance with UK market regulations, including the Market Abuse Regulation and UK Listing Rules. Investor relations inquiries can be directed to BP’s London office.

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The Investor 11-05-25

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