Quarterly ResultApr 28, 2026, 08:18 AM
BP Q1 Underlying RC Profit $3.2B; Net Debt $25.3B; Hybrid Bond Reduction
AI Summary
BP PLC reported a strong financial performance for Q1 2026, with underlying replacement cost profit reaching $3.2 billion, a significant increase from the previous quarter. The company also announced strategic progress, including an agreement to sell its Gelsenkirchen refinery, which will raise its structural cost reduction target. Additionally, BP plans to reduce its corporate hybrid bond financing by approximately $4.3 billion by the end of 2027, reflecting continued balance sheet strengthening.
Key Highlights
- Underlying RC profit for Q1 2026 was $3.2 billion, up from $1.5 billion in Q4 2025.
- Profit attributable to shareholders was $3.8 billion in Q1 2026, reversing a $3.4 billion loss in Q4 2025.
- Operating cash flow was $2.9 billion in Q1 2026, after a $6.0 billion working capital build.
- Net debt increased to $25.3 billion at the end of Q1 2026 from $22.2 billion in Q4 2025.
- Announced agreement to sell Gelsenkirchen refinery, increasing structural cost reduction target to $6.5-7.5 billion by 2027.
- Plans to reduce corporate hybrid bond financing by $4.3 billion to approximately $9 billion by end 2027.
- Declared a dividend of 8.320 cents per ordinary share for Q1 2026.
- Upstream plant reliability improved to 95.7%; refining availability improved to 96.3%.