bp reports results for the second quarter 2026

04 Aug bp reports results for the second quarter 2026

(Oilandgaspress) 04/08/26, – bp announce Underlying replacement cost profit: $5.7 billion, $2.5 billion higher than the prior quarter reflecting the strength of bp’s integrated operational model.
• Operating cash flow: $10.9 billion after taking into account a $1.0 billion adjusted working capital build.

Key 2Q highlights:
• Operating performance: 2Q 2026 upstream plant reliability 92.4%; reported production 2.2mmboe/d; refining availability 94.7%; refining throughput 1,467mb/d.
• Strategic progress on portfolio and balance sheet: Reached an agreement to sell Austrian retail business; agreed terms to bring partners into Kirkuk; completed the sale of Gelsenkirchen refinery, launched processes to market our North Sea business and Archaea Energy; the total of net debt, hybrid bonds and securities, leases and Gulf of America settlement liabilities reduced by $6.9 billion.
• Shareholder returns: 2Q 2026 dividend per ordinary share of 8.66 cents, 4% increase.

Meg O’Neill, chief executive officer, commented:
“This is my first full quarter at bp, and it has been marked by one of the most disrupted periods in the global energy market. Through that, bp’s team has stepped up, working tirelessly to keep energy flowing for our customers. Financially, we delivered a strong quarter, with an underlying replacement cost profit of $5.7 billion ($2.5 billion higher than last quarter) and an operating cash flow of $10.9 billion, after a working capital build of $1.0 billion. We made good progress strengthening bp’s balance sheet. We also took steps to simplify and strengthen bp. In recent weeks, we sold our Gelsenkirchen refinery, agreed to sell our retail business in Austria and announced our intention to sell our North Sea business in the UK. Today, we are announcing our intention to sell Archaea, our biogas business in the US.

But there are areas where our performance fell short. Operationally, our plants didn’t run as well as they did last quarter – upstream plant reliability was 92.4%, compared to 95.7%, and production was down and our refineries processed less crude. This was due, in part, to planned maintenance and the conflict in the Middle East, but this is a reminder that we have more to do to deliver consistent operational performance.“

Profit attributable to bp shareholders in the second quarter and half year was $3.9 billion and $7.8 billion respectively, compared with $1.6 billion and $2.3 billion in the same periods of 2025.

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