Story perspectives

BP Posts $3.2 B Q1 Profit, Oil Prices Surge

4/28/2026

Summary

BP Doubles Profit

BP posted Q1 profit of $3.2 billion, double the prior year, as oil-trading earnings lifted the division to $2.5 billion, while shares rose about 2 % and campaign groups urged a windfall tax.
Brent rose to about $110 a barrel after the war on Iran began on 28 Feb 2026 and the Strait of Hormuz closed.
Meg O’Neill became CEO on 1 April 2026 and said BP is working with customers and governments to keep fuel flowing.

Summary

BP Shareholder Pushback

Shareholders at BP’s AGM rejected two board proposals on climate disclosures, with 18 % voting against chairman Albert Manifold’s re-election.
BP will trim its hybrid bond portfolio by about US$4.3 billion, leaving roughly US$9 billion of such instruments.
BP set a structural cost-reduction target of up to US$7.5 billion by end-2027, raising its annual savings goal by US$1 billion.
Shareholders also opposed a motion to hold future meetings exclusively online, signalling broader governance concerns.

History

Historical Context

The October 1973 OAPEC oil embargo, announced after the Yom Kippur War, cut supplies to the United States and drove world oil prices up nearly 300%, with Brent jumping from about $3 to $12 per barrel. That shock forced oil majors such as BP, then a Seven Sisters member, to restructure. Today, amid the 2026 Iran-Hormuz crisis, BP reports a $3.2 billion Q1 profit as Brent tops $110.

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BP Doubles Profit

BP posted Q1 profit of $3.2 billion, double the prior year, as oil-trading earnings lifted the division to $2.5 billion, while shares rose about 2 % and campaign groups urged a windfall tax.
Brent rose to about $110 a barrel after the war on Iran began on 28 Feb 2026 and the Strait of Hormuz closed.
Meg O’Neill became CEO on 1 April 2026 and said BP is working with customers and governments to keep fuel flowing.

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