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BP Posts $3.2B Q1 Profit, Targets $4.3B Bond Reduction

4/29/2026

Summary

BP Posts Profit

BP reported first-quarter profit of $3.2 billion, more than double year-over-year and about 20 % above forecasts.
Net debt rose to $25.3 billion from just over $22 billion, reflecting a $6 billion working-capital build.
BP aims to cut hybrid-bond holdings by roughly $4.3 billion, targeting about $9 billion of hybrids.
Shares rose about 3 % in early London trading while the European energy index gained 1.6 %.

Summary

Activists Demand Tax

Mike Childs of Friends of the Earth and Simon Francis of the End Fuel Poverty Coalition condemned BP’s profits and urged a stronger windfall tax before the July 1 price-cap review.
Chancellor Rachel Reeves said the government extended the energy profits levy because of BP’s extraordinary profits.
U.S. gasoline averaged $4.18 per gallon, the highest in six decades, prompting 70 U.S. environmental groups to demand windfall-tax proceeds aid struggling households.

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BP Posts Profit

BP reported first-quarter profit of $3.2 billion, more than double year-over-year and about 20 % above forecasts.
Net debt rose to $25.3 billion from just over $22 billion, reflecting a $6 billion working-capital build.
BP aims to cut hybrid-bond holdings by roughly $4.3 billion, targeting about $9 billion of hybrids.
Shares rose about 3 % in early London trading while the European energy index gained 1.6 %.

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