Q1 2026 BP PLC Earnings Call Transcript
Key Points
- BP PLC (BP) delivered strong operational and financial results in the first quarter of 2026, with upstream production resilient at 2.3 million barrels of oil equivalent per day.
- Refining availability was above the target of 96% for the fifth consecutive quarter, with throughput over 1.5 million barrels per day, the highest quarterly figure in four years.
- The company reported $3.2 billion of underlying net income, significantly higher than the fourth quarter, and $8.9 billion of operating cash flow before a working capital build.
- BP PLC (BP) made progress in simplifying its portfolio with the agreed sale of the Gelsenkirchen refinery, further increasing its structural cost reduction target.
- The company announced a dividend per ordinary share of $8.32, reflecting strong financial performance and commitment to shareholder returns.
- BP PLC (BP) faced heightened volatility in crude oil, natural gas, and refined products markets due to geopolitical tensions in the Middle East, impacting supply routes.
- The company experienced a significant working capital build of $6 billion, affecting operating cash flow, with uncertainties around the unwind depending on Middle East developments.
- Net debt increased by around $3 billion to end the quarter at $25.3 billion, driven by the working capital build and other financial obligations.
- BP PLC (BP) expects reported upstream production to be lower in the second quarter due to seasonal maintenance and disruptions in the Middle East.
- The company faces challenges in capturing refining margins due to crude differentials, product yields, and freight costs, with realized margins potentially being lower than the refining indicator margin.
Hello everyone and thanks for your interest in BP's first quarter 2026 results. Today's video features Meg O'Neill, Chief Executive Officer; and Kate Thompson, Chief Financial Officer. Before I hand over to Meg, I'd like to draw your attention to our cautionary statement.
In this video, we will make forward-looking statements that refer to our estimates, plans, and expectations. Actual results and outcomes could differ materially due to factors we note on this slide and in our UK and SEC filings. Please refer to our annual report, Stock Exchange Announcement, and SEC filings for more details. These documents are available on our website.
With that, over to you Meg.
' -
Thanks Craig. It's an honor and a privilege to be here today as BP's CEO. I have a deep respect for BP, its history, global reach, and long-standing partnerships. This is a company with real scale, optionality, and significant opportunity. It
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