Quarterly UpdatesJul 14, 2026, 06:11 AM
BP Updates Q2 2026 Guidance: Production Lower, Net Debt $22-23B
AI Summary
BP p.l.c. issued a trading statement providing updated guidance for the second quarter of 2026. The company expects reported upstream production to be lower at 2,170 to 2,220 mboe/d due to seasonal maintenance and Middle East disruption. Net debt is projected to decrease significantly to $22-23 billion, driven by hybrid bond redemption and Gulf of America settlement payments. The company also anticipates positive impacts from realizations and refining margins, alongside impairments of around $1.0 billion related to transition businesses.
Key Highlights
- Q2 2026 reported upstream production expected at 2,170-2,220 mboe/d, down from 2,339 mboe/d in Q1.
- Net debt at end of Q2 2026 projected to be $22-23 billion, a reduction from $25.3 billion in Q1.
- Hybrid bonds expected to decrease to approximately $13 billion from $16.0 billion in Q1.
- Gas & low carbon energy realizations expected to have a positive impact of +$0.5 to 0.7 billion.
- Oil production & operations realizations expected to have a positive impact of +$1.8 to 2.1 billion.
- Stronger realized refining margins expected in the range of +$1.2 to 1.4 billion.
- Exploration write-offs anticipated around $(0.5) billion, mainly from the Bay du Nord sale.
- Post-tax adjusting items for impairments expected around $1.0 billion, primarily in transition businesses.
Price Impact
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