BP Plc reported underlying replacement cost (RC) profit of $3.2 billion for the first quarter of 2026, compared with $1.5 billion in the fourth quarter of 2025.
Reported profit attributable to BP shareholders was $3.8 billion in the quarter versus a loss of $3.4 billion in 4Q25, with the reported number adjusted by inventory holding gains of $3.2 billion (net of tax) and a net adverse impact of adjusting items of $2.5 billion (net of tax).
By segment, underlying RC profit before interest and tax was $1.3 billion in Gas & Low Carbon Energy, $2.0 billion in Oil Production & Operations and $3.2 billion in Customers & Products, with customers & products benefiting from higher realised refining margins, stronger midstream performance and an exceptional oil trading contribution.
Operating cash flow was $2.9 billion after a $6.0 billion adjusted working capital build driven by seasonal effects, longer shipping routes and rising prices, capital expenditure was $3.3 billion for the quarter and total divestment proceeds were $0.2 billion.
Net debt rose to $25.3 billion at quarter end from $22.2 billion at the end of 4Q25, BP reiterated its 2026 capital expenditure range of $13-13.5 billion, reaffirmed a net debt target of $14-18 billion by end 2027 and said it now plans, subject to market conditions, to reduce perpetual hybrid bond capital by about $4.3 billion to about $9 billion.
"This was another quarter of strong operational and financial delivery, and we made further progress towards our 2027 targets," said Meg O'Neill, chief executive officer.
