BP (BP) Earnings Date & Reports

BP reported underlying RC profit—a key non-GAAP measure adjusting for price changes—of $3.2 billion for the first quarter ended March 31, 2026, up sharply from $1.4 billion in Q1 2025 and $1.5 billion in Q4 2025. This beat analyst forecasts, driven by exceptional contributions from oil trading and stronger refining margins in the Customers & Products segment, which posted $3.2 billion underlying RC profit before interest and tax, versus $0.7 billion YoY.

Group revenues and other income totaled $53.4 billion, with sales at $52.3 billion, exceeding expectations of $48.4 billion. Reported profit attributable to shareholders was $3.8 billion, swinging from prior losses. Underlying RC profit per American Depositary Share (ADS) came in at $1.24, topping consensus around $0.86. Oil Production & Operations contributed $2.0 billion (flat QoQ), while Gas & Low Carbon Energy held at $1.3 billion.

Operating cash flow was $2.9 billion after a $6.0 billion working capital outflow due to seasonal effects and payment timing. Net debt increased to $25.3 billion from $22.2 billion at year-end 2025. BP announced a quarterly dividend of 8.320 cents per ordinary share (50 cents per ADS), payable May 23, 2026.

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Market Reaction and Investor Sentiment

BP shares jumped approximately 4% in pre-market trading on April 29, 2026, reflecting investor approval of the earnings beat and robust segment results amid oil price strength. Sentiment turned positive, with focus on downstream gains offsetting concerns over rising net debt and working capital pressures. Analysts noted the refining surge as a highlight, though some cautioned on production guidance for Q2.

Forward Outlook and Key Factors to Monitor

Following Q1 results, BP reiterated its 2026 capital expenditure guidance of $13-13.5 billion and divestment proceeds target of $9-10 billion. The company aims for net debt of $14-18 billion by end-2027, supported by hybrid bond reductions totaling $4.3 billion through 2027 redemptions. Structural cost savings target was raised to $6.5-7.5 billion by 2027 after the Gelsenkirchen refinery sale.

For Q2 2026, upstream production is expected to decline from Q1 levels, while Customers business faces seasonally higher volumes offset by weaker midstream. Products segment anticipates lower refining throughput due to increased turnarounds and Whiting refinery impacts. Investors should monitor oil and gas price trajectories, refining margin sustainability, and cash flow normalization as working capital effects unwind.

Broader dynamics include geopolitical risks affecting supply, progress on low-carbon investments in Gas & Low Carbon Energy, and balance sheet strengthening to maintain 'A'-grade credit metrics. Dividend growth commitment remains a key support, with at least 4% annual increases planned.

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