BP (LON: BP.) shares rose more than 3% on Tuesday after the company reported a sharp rebound in quarterly profit, supported by strong trading and improved operational reliability across its upstream and downstream businesses.
The energy group posted first-quarter underlying replacement cost profit of $3.2 billion, up from $1.5 billion in the fourth quarter of 2025. Reported profit surged to $3.8 billion, compared with a loss of $3.4 billion in the previous quarter, helped by exceptional oil trading results and stronger midstream performance.
Plant reliability in the upstream division improved to 95.7%, while refining availability rose to 96.3%, exceeding the company’s 96% target. Production held broadly steady, with higher output in the Gulf of America and from bpx Energy offsetting Middle East disruptions and a North Sea divestment.
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Chief executive Meg O’Neill said: “This was another quarter of strong operational and financial delivery, and we made further progress towards our 2027 targets.” She added that the company is “keeping production levels steady despite the ongoing disruption.”
Operating cash flow came in at $2.9 billion after a $6 billion working-capital build driven by seasonal effects and rising commodity prices. Net debt increased to $25.3 billion from $22.2 billion at the end of 2025, reflecting the lower cash flow. Capital expenditure totaled $3.3 billion during the quarter.
O’Neill said BP is “heading in the right direction, strengthening the balance sheet and continuing to accelerate delivery,” noting plans to simplify operations and improve returns as the company progresses toward its 2027 goals.
The company maintained its dividend at 8.32 cents per share and reiterated its 2026 capital expenditure guidance of $13 billion to $13.5 billion.
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