BP Q1 Net Profit Surges 453% to $3.8bn, Revenue Rises 11.5%
BP reported Q1 2026 net profit of $3.8bn, a 453% increase year-over-year, reversing a $3.4bn loss in Q4 2025, while sales and other operating revenue rose 11.5% to $52.3bn. Underlying replacement cost profit climbed 128.6% to $3.2bn, supported by higher realized margins.
1. Q1 2026 Financial Results
BP reported net profit attributable to shareholders of $3.8bn in Q1 2026, up 453% from $687m a year earlier and reversing a $3.4bn loss in Q4 2025. Sales and other operating revenue rose 11.5% to $52.3bn, while operating cash flow edged up to $2.86bn.
2. Segment Performance
Underlying replacement cost profit rose 128.6% to $3.2bn, driven by higher realized margins. The gas and low-carbon energy segment swung to an RC profit before interest and tax of $1.05bn from a $1.35bn loss, while the oil production segment posted $1.65bn, down from $2.78bn. Customers and products RC profit jumped to $2.45bn.
3. Production, Exploration and Operations
Total production averaged 1.54 billion barrels of oil equivalent per day, a 4.5% increase with underlying up 5.9% thanks to bpx Energy. BP began Solveig phase two production in the North Sea, confirmed an oil discovery at Algaita-01 offshore Angola, started the Ndungu full-field, and was highest bidder on three Gulf of Mexico blocks.
4. Outlook and Capital Expenditure Guidance
BP expects lower upstream output in Q2 2026 due to seasonal Gulf of Mexico maintenance and Middle East disruptions. Customer business volumes may rise but midstream results are seen weaker, and refining throughput will be curbed by planned turnarounds. Capital expenditure is forecast at $13–13.5bn for 2026.