Document

6-K 1 a31032026bp6kq1.htm 6-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

for the month of April 2026

Commission File Number 1-06262

BP p.l.c.

(Translation of registrant’s name into English)

1 ST JAMES’S SQUARE, LONDON, SW1Y 4PD, ENGLAND

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:



			Form 20-F x Form 40-F ¨

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NOS. 333-277842, 333-277842-01 AND 333-277842-02) OF BP p.l.c., BP CAPITAL MARKETS p.l.c. AND BP CAPITAL MARKETS AMERICA INC.; THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-67206) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-79399) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-102583) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-103923) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-103924) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-119934) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-123482) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-123483) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-131583) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-131584) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-132619) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146868) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146870) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-146873) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-149778) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-173136) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-177423) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-179406) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-186462) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-186463) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-199015) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-200794) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-200795) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-200796) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-207188) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-207189) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-210316) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-210318) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-253287), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-254578) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-270440) OF BP p.l.c., THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-273587) OF BP p.l.c. AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-280100) OF BP p.l.c. AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

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BP p.l.c. and subsidiaries

Form 6-K for the period ended 31 March 2026(a)


		Page
1.	Management’s Discussion and Analysis of Financial Condition and Results of Operations for the period January-March 20 26(b)	3-14, 25-31, 32-37

2.	Consolidated Financial Statements including Notes to Consolidated Financial Statements for the period January-March 20 26	15-24



3.	Legal proceedings	32



4.	Cautionary statement	38



5.	Capitalization and Indebtedness	39

6.	Recent credit ratings update	40





7.	Signatures	41

(a)In this Form 6-K, references to the first quarter 2026 and first quarter 2025 refer to the three-month periods ended 31 March 2026 and 31 March 2025 respectively.

(b)This discussion should be read in conjunction with the consolidated financial statements and related notes provided elsewhere in this Form 6-K and with the information, including the consolidated financial statements and related notes, in bp’s Annual Report on Form 20-F for the year ended 31 December 2025.

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Group results first quarter 2026


Continued strong operational and financial delivery


Financial summary	First	Fourth	First
	quarter	quarter	quarter
$ million	2026	2025	2025



Profit (loss) for the period attributable to bp shareholders	3,842	(3,422)	687
Inventory holding (gains) losses*, before tax	(4,159)	874	(159)
Taxation charge (credit) on inventory holding gains and losses	979	(208)	41
Replacement cost (RC) profit (loss)*	662	(2,756)	569
Net (favourable) adverse impact of adjusting items*, before tax	2,016	3,877	412
Taxation charge (credit) on adjusting items	520	420	400
Underlying RC profit*	3,198	1,541	1,381


	First	First
	quarter	quarter
$ million	2026	2025

Operating cash flow	2,860	2,834
Capital expenditure	(3,290)	(3,623)
Divestment and other proceeds(a)	248	328

Finance debt	59,821	58,646
Net debt*(b)	25,309	26,968





Announced dividend per ordinary share (cents per share)	8.320	8.000
Profit (loss) per ordinary share (cents)	24.83	4.35
Profit (loss) per ADS (dollars)	1.49	0.26


Underlying RC profit per ordinary share* (cents)	20.67	8.75
Underlying RC profit per ADS* (dollars)	1.24	0.53

(a)Divestment proceeds are disposal proceeds as per the condensed group cash flow statement.

(b)See Note 9 for more information.

RC profit (loss), underlying RC profit, net debt, underlying RC profit per ordinary share and underlying RC profit per ADS are non-IFRS measures. Inventory holding (gains) losses and adjusting items are non-IFRS adjustments.

Definitions are provided in the Glossary on page 32. Non-IFRS measures are marked with an asterisk.

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			Highlights(a)
			1Q26 profit $3.8 billion; underlying replacement cost (RC) profit* $3.2 billion
			•			Profit for the quarter attributable to bp shareholders was $3.8 billion, compared with a loss of $3.4 billion for the fourth quarter 2025 and a profit of $0.7 billion for the first quarter 2025. The result for the first quarter 2026 is adjusted for inventory holding gains* of $4.2 billion (pre-tax) and a net adverse impact of adjusting items* of $2.0 billion (pre-tax) to derive the underlying RC profit. Adjusting items include adverse pre-tax fair value accounting effects of $1.1 billion and pre-tax net impairments of $0.4 billion (see page 26 for more information on adjusting items).
			•			Underlying RC profit for the quarter of $3.2 billion, compared with $1.5 billion for the previous quarter and $1.4 billion for the first quarter 2025. Compared with the fourth quarter 2025, the underlying result reflects exceptional oil trading contribution and stronger midstream performance.
			Segment results
			•			Gas & low carbon energy: The RC profit before interest and tax for the first quarter 2026 was $1.1 billion, compared with a loss of $2.2 billion for the previous quarter. After adjusting RC profit before interest and tax for a net adverse impact of adjusting items of $0.3 billion, the underlying RC profit before interest and tax* for the first quarter was $1.3 billion, compared with $1.4 billion in the fourth quarter 2025. This reflects realizations remaining broadly flat including the adverse impact of price lags. The gas marketing and trading result was average.
			•			Oil production & operations: The RC profit before interest and tax for the first quarter 2026 was $1.7 billion, compared with $1.7 billion for the previous quarter. After adjusting RC profit before interest and tax for a net adverse impact of adjusting items of $0.3 billion, the underlying RC profit before interest and tax for the first quarter was $2.0 billion, compared with $2.0 billion for the fourth quarter 2025. This reflects the divestment in the North Sea offset by higher realizations including the adverse impact of the price lags.
			•			Customers & products: The RC profit before interest and tax for the first quarter 2026 was $2.5 billion, compared with $1.4 billion for the previous quarter. After adjusting RC profit before interest and tax for a net adverse impact of adjusting items of $0.8 billion, the underlying RC profit before interest and tax (underlying result) for the first quarter was $3.2 billion, compared with $1.3 billion in the fourth quarter 2025. The customers first quarter underlying result was higher by $0.1 billion, reflecting seasonally lower volumes and lower retail fuels margins, more than offset by a stronger midstream performance, including stronger supply optimization across our integrated value chain and one-off timing effects, and a lower underlying operating expenditure. The products first quarter underlying result was higher by $1.7 billion. In refining, the result reflects higher realized refining margins, a higher throughput driven by lower turnaround activity and the recovery following reduced capacity at the Whiting refinery in the fourth quarter, and crude selection timing effects. The oil trading contribution was exceptional.
			Operating cash flow $2.9 billion, finance debt $59.8 billion and net debt* $25.3 billion
			•			Operating cash flow for the quarter was $2.9 billion, compared with $2.8 billion for the same period in 2025.
			•			Finance debt at the end of the first quarter 2025 was $59.8 billion, compared with $58.0 billion at the end of the fourth quarter 2025. Net debt increased to $25.3 billion at the end of the first quarter compared with $22.2 billion at the end of the fourth quarter 2025, primarily driven by lower operating cash flow.
			Our financial frame
			•			Our first capital allocation priority is a resilient dividend, which is expected to increase by at least 4% per ordinary share a year(b). For the first quarter, bp has announced a dividend per ordinary share of 8.320 cents.
			•			We are committed to strengthening the balance sheet and continue to target improving our credit metrics within an 'A' grade credit range. We reiterate our primary target of $14 to 18 billion of net debt by end 2027. When considering our capital structure, we also look at other instruments including hybrid bonds and securities or obligations such as leases and our Gulf of America settlement liabilities.
			•			bp's hybrid capital includes a notional $13.3 billion of perpetual hybrid bonds made up of a core stack of around $12.0 billion and $1.3 billion issued in 2024 as prefinancing of upcoming redemptions. bp now plans to reduce its perpetual hybrid bond capital to approximately $9  billion, subject to market conditions, as a result of continued balance sheet strengthening and the receipt of cash from our divestment programme. This $4.3 billion reduction is expected to be achieved through the redemption, without replacement, of perpetual hybrid bonds with first call dates in March 2026 of €2.5 billion and March 2027 of £1.25 billion. Following completion of these actions, the remaining $9 billion of perpetual hybrid bonds are currently intended to remain a permanent component of bp’s capital framework.
			•			We reiterate our 2026 capital expenditure budget in the range of $13-13.5 billion.

(a)This report discusses certain material changes in bp’s results of operations with respect to the quarter ended 31 March 2026 as compared to the quarter ended 31 December 2025. Financial information for the quarter ended 31 December 2025 can be in found in our Current Report on Form 6-K filed with the SEC on 10 February 2026.

(b)Shareholder distributions, including dividends are subject to board discretion, taking into account factors including, but not limited to, current forecasts and credit metrics.


The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 38.

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Financial results

In addition to the highlights on page 4:

•Profit attributable to bp shareholders in the first quarter was $3.8 billion, compared with $0.7 billion in the same period of 2025.

•After adjusting profit attributable to bp shareholders for inventory holding gains* and net impact of adjusting items*, underlying replacement cost (RC) profit* for the first quarter was $3.2 billion, compared with $1.4 billion for the same period of 2025. The underlying RC profit for the first quarter compared with the same period in 2025 mainly reflects significantly higher realized margins, partly offset by lower realizations. The oil trading contribution for the first quarter was exceptional compared with the average result in the same period of 2025 and the gas marketing and trading result was average compared with the weak result for the same period in 2025. See pages 8, 10 and 12 for more information.

•Adjusting items in the first quarter had a net adverse pre-tax impact of $2.0 billion, compared with a net adverse pre-tax impact of $0.4 billion in the same period of 2025.

•Adjusting items for the first quarter includes an adverse pre-tax impact of fair value accounting effects* of $1.1 billion, compared with a favourable pre-tax impact of $1.0 billion in the same period of 2025. In both the gas & low carbon energy and customers & products segments fair value accounting effects represent the difference in treatment between, management’s internal performance measure and IFRS. In other businesses & corporate, there was an adverse impact of the fair value accounting effects relating to the hybrid bonds in the first quarter 2026 compared with a favourable impact in the first quarter 2025.

•The effective tax rate (ETR) on the profit before taxation for the first quarter was 43%, compared with 69% for the same period in 2025. Excluding inventory holding gains or losses and adjusting items, the underlying ETR* for the first quarter was 32%, compared with 50% for the same period in 2025. The lower underlying ETR for the first quarter reflects changes in the geographical mix of profits, particularly due to the higher results in products. Underlying ETR is a non-IFRS measure.

•Operating cash flow for the first quarter was $2.9 billion, compared with $2.8 billion for the same period in 2025.

•Capital expenditure in the first quarter was $3.3 billion, compared with $3.6 billion in the same period of 2025.

•Total divestment and other proceeds for the first quarter were $0.2 billion, compared with $0.3 billion for the same period in 2025.

•Finance debt at the end of the first quarter was $59.8 billion, compared with $58.0 billion at the end of the fourth quarter 2025. At the end of the first quarter, net debt* was $25.3 billion, compared with $22.2 billion at the end of the fourth quarter 2025.

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Analysis of RC profit (loss) before interest and tax and reconciliation to profit (loss) for the period


	First	First
	quarter	quarter
$ million	2026	2025
RC profit (loss) before interest and tax
gas & low carbon energy	1,054	1,358
oil production & operations	1,655	2,788
customers & products	2,452	103

other businesses & corporate	(855)	(22)
Consolidation adjustment – UPII*	21	13
	4,327	4,240
Finance costs and net finance expense relating to pensions and other post-employment benefits	(1,121)	(1,269)
Taxation on a RC basis	(2,174)	(2,107)
Non-controlling interests	(370)	(295)
RC profit (loss) attributable to bp shareholders*	662	569
Inventory holding gains (losses)*	4,159	159
Taxation (charge) credit on inventory holding gains and losses	(979)	(41)
Profit (loss) for the period attributable to bp shareholders	3,842	687

Analysis of underlying RC profit (loss) before interest and tax


	First	First
	quarter	quarter
$ million	2026	2025
Underlying RC profit (loss) before interest and tax
gas & low carbon energy	1,336	997
oil production & operations	1,981	2,895
customers & products	3,203	677

other businesses & corporate	(272)	(117)
Consolidation adjustment – UPII	21	13
	6,269	4,465
Finance costs on an underlying RC basis(a) and net finance expense relating to pensions and other post-employment benefits	(1,047)	(1,082)
Taxation on an underlying RC basis	(1,654)	(1,707)
Non-controlling interests	(370)	(295)
Underlying RC profit attributable to bp shareholders*	3,198	1,381

(a)A non-IFRS measure. Finance costs on an underlying RC basis is defined as finance costs as stated in the group income statement excluding finance costs classified as adjusting items* (see footnote (c) on page 26).

Reconciliations of underlying RC profit attributable to bp shareholders to the nearest equivalent IFRS measure are provided on page 3 for the group and on pages 8-14 for the segments.

Operating Metrics


	First	First
	quarter	quarter
	2026	2025
Tier 1 and tier 2 process safety events	7	10


upstream production(a) (mboe/d)	2,339	2,239
upstream unit production costs(b) ($/boe)	6.39	6.34
bp-operated upstream plant reliability	95.7%	95.4%
bp-operated refining availability(a)	96.3%	96.2%

(a)See Operational updates on pages 8, 10 and 12. Because of rounding, upstream production may not agree exactly with the sum of gas & low carbon energy and oil production & operations.

(b)The increase in the first quarter 2026, compared with the first quarter 2025 mainly reflects portfolio mix.

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Outlook & Guidance

2Q 2026 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. The heightened volatility in the oil and gas prices could also impact PSA contracts.

•In its customers business, bp expects compared to the first quarter, seasonally higher volumes to be more than offset by a lower midstream result, including the potential reversal of the 1Q timing effects. We expect volumes and fuels margins to remain sensitive to conditions and developments in the Middle East.

•In products, bp expects compared to the first quarter, refining throughput to be impacted by a higher level of planned refinery turnaround activity. We also expect lower throughput at Whiting due to a third-party event this month which has now been resolved. Refining margins are expected to remain sensitive to the cost of supply and conditions in the Middle East.

•bp plans to reduce its hybrid capital in the second quarter 2026 through the redemption, without replacement, of €2.5  billion of perpetual hybrid bonds.

2026 guidance

In addition to the guidance on page 4:

•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.

•In its customers business, bp continues to expect to make continued progress growing cash flows, supported by lower underlying operating expenditure* driven by structural cost reductions*. These benefits will be partly offset by the earnings impact of completed and announced divestments. Reported earnings will benefit from lower depreciation as a result of the assets held for sale accounting treatment of Castrol following the planned divestment. Fuel margins are expected to remain sensitive to movements in the cost of supply.

•In products, bp continues to expect significantly lower level of turnaround activity. Refining margins are expected to remain sensitive to the cost of supply and conditions in the Middle East.

•bp continues to expect other businesses & corporate underlying annual charge to be around $1.0 billion for 2026. The charge may vary quarter to quarter.

•bp continues to expect the depreciation, depletion and amortization to be broadly flat compared with 2025.

•bp continues to expect the underlying ETR* for 2026 to be around 40% but it is sensitive to a range of factors, including the volatility of the price environment and its impact on the geographical mix of the group’s profits and losses.

•bp continues to expect capital expenditure to be $13-13.5 billion and now evenly weighted through the year.

•bp continues to expect divestment and other proceeds to be $9-10 billion in 2026, including approximately $6 billion from the announced Castrol transaction, all significantly weighted to the second half.

•bp continues to expect Gulf of America settlement payments for the year to be around $1.6 billion pre-tax including $0.4 billion pre-tax paid during the first quarter and $1.1 billion pre-tax paid during the second quarter.

Middle East implications

We continue to closely monitor the situation in the Middle East. The full impact will be determined by the extent and duration of the current market conditions.


2025 upstream production (bp share, net of royalties)	Crude oil (mb/d)	Natural gas (mmcf/d)	Total hydrocarbons (mboe/d)
Subsidiaries
Abu Dhabi	208	—	208
Oman	22	590	124
Equity-accounted entities
Iraq	79	—	79
Total	309	590	411

•In the upstream, the heightened volatility is leading to notable differences between marker prices used in our rules of thumb and realized prices due to price lags, price caps, timing of liftings and contract structures.

•In refining, we are seeing margin dislocations driven by three main factors: crude differentials, product yields and freight costs.


The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 38.

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gas & low carbon energy

Financial results

•The replacement cost (RC) profit before interest and tax for the first quarter was $1,054 million, compared with $1,358 million for the same period in 2025. The first quarter is adjusted by an adverse impact of net adjusting items* of $282 million, compared with a favourable impact of net adjusting items of $361 million for the same period in 2025. Adjusting items include the impacts of fair value accounting effects*, relative to management's internal measure of performance, which are an adverse impact of $273 million for the first quarter in 2026 and a favourable impact of $668 million for the same period in 2025. See page 26 for more information on adjusting items.

•After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the first quarter was $1,336 million, compared with $997 million for the same period in 2025.

•The underlying RC profit before interest and tax for the first quarter reflects an average trading result compared to a weak result for the same period in 2025, and higher production offset by lower realizations.

Operational update

•Reported production for the quarter was 798mboe/d, 4.5% higher than the same period in 2025. Underlying production was 5.5% higher compared with the first quarter of 2025 reflecting major project start-ups partly offset by base decline.

Strategic progress

•In March bp and South Valley Egyptian Petroleum Holding Company signed a memorandum of understanding for the award of Block (6) in the Red Sea.

•In April bp announced a significant gas and condensate discovery offshore Egypt following the successful drilling of the Denise W-1 exploration well in the Temsah Concession, located in the Eastern Mediterranean. The Denise W-1 well follows a binding head of agreement signed in July 2025 with EGPC and EGAS for a 20-year renewal of the Temsah Concession.

•In April Arcius, a joint venture with bp holding 51% and XRG holding 49%, has taken a final investment decision to develop the Harmattan gas field in Egypt’s El Burg offshore concession, a significant step toward executing one of its first projects in Egypt.


	First	Fourth	First
	quarter	quarter	quarter
$ million	2026	2025	2025

Profit (loss) before interest and tax	1,054	(2,172)	1,358
Inventory holding (gains) losses*	—	—	—
RC profit (loss) before interest and tax	1,054	(2,172)	1,358
Net (favourable) adverse impact of adjusting items	282	3,561	(361)
Underlying RC profit before interest and tax	1,336	1,389	997
Taxation on an underlying RC basis	(473)	(463)	(471)
Underlying RC profit before interest	863	926	526


	First	First
	quarter	quarter
$ million	2026	2025



Depreciation, depletion and amortization
Total depreciation, depletion and amortization	1,186	1,166

Exploration write-offs
Exploration write-offs	—	—

Adjusted EBITDA*(a)
Total adjusted EBITDA	2,522	2,163

Capital expenditure
gas	635	774
low carbon energy	60	129
Total capital expenditure	695	903

(a)A reconciliation to RC profit before interest and tax is provided on page 29.

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gas & low carbon energy (continued)


	First	First
	quarter	quarter
	2026	2025
Production (net of royalties)(b)
Liquids (mb/d)	87	83
Natural gas (mmcf/d)	4,124	3,950
Total hydrocarbons (mboe/d)	798	764
Of which equity-accounted entities:
Liquids (mb/d)	5	5
Natural gas (mmcf/d)	149	168
Total hydrocarbons (mboe/d)	31	34

Average realizations(c)
Liquids ($/bbl)	67.17	70.74
Natural gas ($/mcf)	6.30	7.26
Total hydrocarbons ($/boe)	40.08	45.38

(b)Includes bp’s share of production of equity-accounted entities in the gas & low carbon energy segment.

(c)Realizations are based on sales by consolidated subsidiaries only – this excludes equity-accounted entities.

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oil production & operations

Financial results

•The replacement cost (RC) profit before interest and tax for the first quarter was $1,655 million, compared with $2,788 million for the same period in 2025. The first quarter is adjusted by an adverse impact of net adjusting items* of $326 million, compared with an adverse impact of net adjusting items of $107 million for the same period in 2025. See page 26 for more information on adjusting items.

•After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the first quarter was $1,981 million, compared with $2,895 million for the same period in 2025.

•The underlying RC profit before interest and tax for the first quarter, compared with the same period in 2025, primarily reflects lower realizations including the impact of price lags, divestment in the North Sea and increased depreciation charges.

Operational update

•Reported production for the quarter was 1,541mboe/d, 4.5% higher than the first quarter of 2025. Underlying production for the quarter was 5.9% higher compared with the first quarter of 2025 primarily reflecting bpx Energy performance.

Strategic progress

•In February Aker BP started oil production from the Solveig Phase 2 (formally called Utsira High) development in the North Sea (bp interest in Aker BP 15.9%). The project has been delivered on schedule.

•In February bp confirmed an oil discovery in the Algaita-01 exploration well offshore Angola. The well was drilled in Block 15/06, and is operated by Azule Energy, a 50:50 joint venture between bp and Eni.

•In February bp announced the start-up of the Ndungu full-field, part of the Agogo Integrated West Hub Project (IWH), in the western area of Block 15/06, offshore Angola. Agogo IWH is operated by Azule Energy.

•In March bp was the apparent highest bidder on three blocks in the BBG-2 Gulf of America lease sale.

•In March bp confirmed start-up of gas production from the Quiluma field, part of the New Gas Consortium in Angola, operated by Azule Energy.

•In April bp agreed to acquire a 60% interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas. Subject to Namibian government approvals, bp will be the operator of three blocks – PEL97, PEL99 and PEL100 – offshore Namibia in the Walvis Basin, with Eco Atlantic remaining a partner, along with Namibia’s national oil company NAMCOR.


	First	Fourth	First
	quarter	quarter	quarter
$ million	2026	2025	2025

Profit before interest and tax	1,662	1,735	2,795
Inventory holding (gains) losses*	(7)	—	(7)
RC profit before interest and tax	1,655	1,735	2,788
Net (favourable) adverse impact of adjusting items	326	223	107
Underlying RC profit before interest and tax	1,981	1,958	2,895



Taxation on an underlying RC basis	(854)	(918)	(1,375)
Underlying RC profit before interest	1,127	1,040	1,520


	First	First
	quarter	quarter
$ million	2026	2025



Depreciation, depletion and amortization
Total depreciation, depletion and amortization	2,009	1,787

Exploration write-offs
Exploration write-offs	2	53

Adjusted EBITDA*(a)
Total adjusted EBITDA	3,992	4,735

Capital expenditure
Total capital expenditure	1,891	1,696

(a)A reconciliation to RC profit before interest and tax is provided on page 29.

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oil production & operations (continued)


	First	First
	quarter	quarter
	2026	2025
Production (net of royalties)(b)
Liquids (mb/d)	1,126	1,086
Natural gas (mmcf/d)	2,407	2,258
Total hydrocarbons (mboe/d)	1,541	1,475
Of which equity-accounted entities:
Liquids (mb/d)	258	262
Natural gas (mmcf/d)	410	436
Total hydrocarbons (mboe/d)	329	338

Average realizations(c)
Liquids ($/bbl)	59.75	67.50
Natural gas ($/mcf)	3.57	4.74
Total hydrocarbons ($/boe)	48.51	56.45

(b)Includes bp’s share of production of equity-accounted entities in the oil production & operations segment.

(c)Realizations are based on sales by consolidated subsidiaries only – this excludes equity-accounted entities.

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customers & products

Financial results

•The replacement cost (RC) profit before interest and tax for the first quarter was $2,452 million, compared with $103 million for the same period in 2025. The first quarter is adjusted by an adverse impact of net adjusting items* of $751 million, compared with an adverse impact of net adjusting items of $574 million for the same period in 2025. See page 26 for more information on adjusting items.

•After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* (underlying result) for the first quarter was $3,203 million, compared with $677 million for the same period in 2025.

•The customers & products underlying result for the first quarter was significantly higher compared with the same period in 2025.

•customers – the customers underlying result for the first quarter was higher compared with the same period in 2025, reflecting a stronger midstream performance, including stronger supply optimization across our integrated value chain and one-off timing effects, partly offset by lower retail fuels margins.

•products – the products underlying result for the first quarter was significantly higher compared with the same period in 2025. In refining, the first quarter benefited from significantly higher realized margins and crude selection timing effects. The oil trading contribution for the first quarter was exceptional compared to the average result in the same period last year.

Operational update

•bp-operated refining availability for the first quarter was 96.3%, higher compared with 96.2% for the same period in 2025.

Strategic progress

•In March bp announced the agreed sale of its Gelsenkirchen refinery and related businesses in Germany to the Klesch Group. The transaction supports portfolio simplification and progress toward structural cost reduction* targets. Subject to conditions including regulatory and governmental approvals, the transaction is expected to close in the second half of 2026.

•Air bp signed a multi‑year supply agreement with Airbus to provide jet fuel and sustainable aviation fuel (SAF), as well as aviation services in Germany and Spain.

•In January bp and Castrol commenced their Formula 1 partnership with Audi during the start of the season. This reflects the outcome of several years of bp and Castrol fuels and lubricants research and development to support compliance with the new 2026 Formula 1 regulations. The partnership showcases our strengths in technology and innovation and helps build brand equity.


	First	Fourth	First
	quarter	quarter	quarter
$ million	2026	2025	2025

Profit before interest and tax	6,604	541	255
Inventory holding (gains) losses*	(4,152)	874	(152)
RC profit before interest and tax	2,452	1,415	103
Net (favourable) adverse impact of adjusting items	751	(69)	574
Underlying RC profit before interest and tax	3,203	1,346	677
Of which:(a)
customers – convenience & mobility	1,009	877	664
Castrol – included in customers	346	227	238
products – refining & trading	2,194	469	13

Taxation on an underlying RC basis	(646)	(379)	(76)
Underlying RC profit before interest	2,557	967	601

(a)A reconciliation to RC profit before interest and tax by business is provided on page 29.

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customers & products (continued)


	First	First
	quarter	quarter
$ million	2026	2025



Adjusted EBITDA*(b)
customers – convenience & mobility	1,541	1,231
Castrol – included in customers	346	284
products – refining & trading	2,626	431

	4,167	1,662

Depreciation, depletion and amortization
Total depreciation, depletion and amortization	964	985

Capital expenditure
customers – convenience & mobility	367	585
Castrol – included in customers	15	37
products – refining & trading	290	358

Total capital expenditure	657	943

(b)A reconciliation to RC profit before interest and tax by business is provided on page 29.


	First	First
	quarter	quarter
Marketing sales of refined products (mb/d)	2026	2025
US	1,172	1,201
Europe	923	946
Rest of World	458	466
	2,553	2,613
Trading/supply sales of refined products	477	441
Total sales volume of refined products	3,030	3,054

bp average refining indicator margin (RIM) ($/bbl)

16.9

8.1




Refinery throughputs (mb/d)
US	682	674
Europe	845	822

Total refinery throughputs	1,527	1,496

bp-operated refining availability (%)	96.3	96.2

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other businesses & corporate

Other businesses & corporate comprises technology, bp ventures, shipping, our corporate activities & functions and any residual costs of the Gulf of America oil spill.

Financial results

•The replacement cost (RC) loss before interest and tax for the first quarter was $855 million, compared with a loss of $22 million for the same period in 2025. The first quarter is adjusted by an adverse impact of net adjusting items* of $583 million, compared with a favourable impact of net adjusting items of $95 million for the same period in 2025. Adjusting items include adverse impacts of fair value accounting effects* of $218 million for the first quarter, and a favourable impact of $369 million for the same period in 2025. See page 26 for more information on adjusting items.

•After adjusting RC loss before interest and tax for adjusting items, the underlying RC loss before interest and tax* for the first quarter was $272 million, compared with a loss of $117 million for the same period in 2025.


	First	Fourth	First
	quarter	quarter	quarter
$ million	2026	2025	2025
Profit (loss) before interest and tax	(855)	(386)	(22)
Inventory holding (gains) losses*	—	—	—
RC profit (loss) before interest and tax	(855)	(386)	(22)
Net (favourable) adverse impact of adjusting items(a)	583	82	(95)
Underlying RC profit (loss) before interest and tax	(272)	(304)	(117)
Taxation on an underlying RC basis	124	151	33
Underlying RC profit (loss) before interest	(148)	(153)	(84)

(a)Includes fair value accounting effects relating to hybrid bonds. See page 33 for more information.

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Financial statements

Group income statement


	First	First
	quarter	quarter
$ million	2026	2025

Sales and other operating revenues (Note 5)	52,255	46,905
Earnings from joint ventures – after interest and tax	323	327
Earnings from associates – after interest and tax	353	249
Interest and other income	338	385
Gains on sale of businesses and fixed assets	102	14
Total revenues and other income	53,371	47,880
Purchases	26,250	27,720
Production and manufacturing expenses	8,537	6,114
Production and similar taxes	429	447
Depreciation, depletion and amortization (Note 6)	4,410	4,183
Net impairment and losses on sale of businesses and fixed assets (Note 3)	589	503
Exploration expense	44	103
Distribution and administration expenses	4,626	4,411
Profit (loss) before interest and taxation	8,486	4,399
Finance costs

SEC Form 6-K filed by BP p.l.c.