BP Q1 Underlying Net Income $3.2 B, Cash Flow $8.9 B; Debt Climbs $3 B
BP posted Q1 underlying net income of $3.2 billion and operating cash flow before working capital build of $8.9 billion, while net debt climbed $3 billion to $25.3 billion. Upstream output held at 2.3 million boe/d, refining throughput topped 1.5 million bpd at 96% and its Gelsenkirchen refinery sale boosted cost reduction targets.
1. Financial Performance
BP reported underlying net income of $3.2 billion for Q1 2026 and generated $8.9 billion of operating cash flow before working capital build. Net debt increased by $3 billion to $25.3 billion, driven by higher working capital requirements and other financial obligations.
2. Operational Performance
Upstream production remained resilient at 2.3 million boe/d despite maintenance schedules, while refining throughput reached over 1.5 million bpd with availability above 96%, the highest quarterly figure in four years. The company expects second-quarter upstream output to decline due to seasonal maintenance and Middle East disruptions.
3. Portfolio Simplification & Capital Strategy
BP advanced portfolio simplification through the agreed sale of the Gelsenkirchen refinery, raising its structural cost reduction targets. It also plans to reduce hybrid bond financing by $4.3 billion by 2027 to strengthen the balance sheet and free up cash for future investments and shareholder returns.