BP (BP/ LN) Q1 2026 (USD): EPS 0.21 (exp. 0.17), Revenue 52.25bln (exp. 57.6bln), Adj. Net Income 3.20bln (exp. 2.64bln)
Performance:
- "Strong upstream operations: 1Q 2026 upstream plant reliability improved to 95.7% (4Q25 95.4%); reported production broadly flat as higher production in the Gulf of America and strong performance in bpx Energy offset the impact of disruptions in the Middle East and a North Sea divestment at the end of 2025".
- "Continued strategic progress: announced agreement to sell Gelsenkirchen refinery. On transaction completion, our structural cost reduction target will increase by USD 1bln to USD 6.5-7.5bln by 2027".
Q2'26 guidance:
- "Looking ahead, bp expects second quarter 2026 reported upstream production to be lower compared with the first quarter 2026, due to seasonal maintenance predominantly in the Gulf of America and the effects of disruption in the Middle East".
2026 guidance:
• "bp now expects reported upstream production to be lower due to effects of disruption in the Middle East and underlying upstream production to be broadly flat compared with 2025. Within this, bp expects underlying production from oil production & operations to be broadly flat and production from gas & low carbon energy to be lower".
BP's Q1 2026 results show stronger-than-expected EPS and adjusted net income, which reflects solid upstream operations despite slight revenue misses. However, the guidance for Q2 suggests weaker production due to maintenance and disruptions, indicating potential headwinds ahead and uncertainty around future output from critical regions. This mixed performance may weigh on market sentiment, particularly in the energy sector.