- Upstream plant reliability 95.7% and refining availability 96.3%; Q1 production broadly flat despite Middle East disruptions and a North Sea divestment.
- Underlying replacement cost profit $3.2B; reported profit $3.842B after inventory holding gains of $3.18B and net adverse adjusting items of $2.536B.
- Operating cash flow $2.9B after a $6.0B adjusted working-capital build; net debt $25.3B (from $22.2B); Q1 capital expenditure $3.29B.
- Agreed sale of Gelsenkirchen refinery; structural cost reduction target raised by $1B to $6.5–7.5B by 2027 and plan to reduce perpetual hybrid bonds by ~$4.3B to ~ $9B by end‑2027; 2026 capex guidance $13–13.5B.
Operational performance
Upstream plant reliability improved to 95.7% (4Q25: 95.4%) and reported production was broadly flat as higher output in the Gulf of America and strong bpx Energy performance offset Middle East disruptions and a North Sea divestment completed at end‑2025; refining availability rose to 96.3% (4Q25: 96.0%), above the 96% target.
Financial results
Underlying replacement cost (RC) profit was $3.2bn for Q1 2026; reported profit was $3.842bn after inventory holding gains of $3.18bn (net of tax) and net adverse adjusting items of $2.536bn (net of tax); operating cash flow was $2.9bn after a $6.0bn adjusted working‑capital build driven by seasonal inventory, longer shipping routes, rising prices and payment timing; capital expenditure was $3.29bn and divestment proceeds were $248m; net debt increased to $25.3bn from $22.2bn at end‑Q4 2025.
Segment performance
Gas & low carbon underlying RC EBIT was $1.3bn (after $0.3bn adverse adjusting items); Oil production & operations underlying RC EBIT was $2.0bn (after $0.3bn adverse adjusting items); Customers & products underlying RC EBIT was $3.2bn, boosted by stronger midstream performance, higher realized refining margins, increased throughput and an exceptional oil trading contribution.
Capital allocation and strategic actions
Agreement reached to sell the Gelsenkirchen refinery; structural cost‑reduction target rises by $1bn to $6.5–7.5bn by 2027 on transaction completion; plan to reduce perpetual hybrid bond capital by ~$4.3bn to ~ $9bn (subject to market conditions) via redemptions with first call dates in March 2026 and March 2027; dividend per ordinary share announced at 8.320 cents and 2026 capex reiterated at $13–13.5bn.
