BP Q1 Profit Doubles to $3.2B on Exceptional Trading, Midstream Gains
BP reported Q1 underlying replacement cost profit of $3.2 billion, beating consensus by $0.53 billion and more than doubling prior-quarter and year-ago results on exceptional oil trading and stronger midstream performance. Upstream output of 2.33 million boe/d with 95.7% reliability and net debt of $25.3 billion highlight operational strength.
1. Q1 Profit Beat And Statutory Turnaround
BP delivered underlying replacement cost profit of $3.2 billion, beating internal consensus by $530 million and more than doubling Q4 and Q1 2025 results; statutory profit rose to $3.8 billion from a $3.4 billion loss in the prior quarter.
2. Operational Performance And Production
Upstream production reached 2.33 million barrels of oil equivalent per day with plant reliability at 95.7%. Increased output in the Gulf of America and BPX Energy offset ongoing Middle East disruptions and impacts from a North Sea divestment.
3. Cash Flow, Capex And Debt
Operating cash flow was $2.9 billion after a $6 billion working capital build, capital expenditure fell to $3.3 billion, and net debt increased to $25.3 billion. The company maintained its quarterly dividend at 8.32 cents per share.
4. Outlook And Guidance
BP expects lower second-quarter upstream production due to seasonal maintenance and Middle East issues. It reaffirmed full-year capital expenditure guidance of $13–13.5 billion and targeted divestment proceeds of $9–10 billion, including the planned Castrol sale.