BP posted Q1 2026 underlying replacement cost profit of $3.2 bn, beating consensus $2.67 bn and more than doubling prior quarter and year‑ago figures.
Statutory profit rose to $3.8 bn, reversing a $3.4 bn loss in Q4, while operating cash flow reached $2.9 bn after a $6 bn working‑capital build.
Upstream output averaged 2.33 mboe/d with 95.7% plant reliability; capex fell to $3.3 bn and net debt rose to $25.3 bn.
BP kept its quarterly dividend at 8.32 cents, reiterated FY2027 capex $13‑$13.5 bn and expects $9‑$10 bn divestment proceeds, mainly from the Castrol sale.