Story perspectives

BP Q1 Profit Doubles on $2.5B Trading Gain

4/29/2026

Summary

BP Doubles Profit

BP reported first-quarter profit of $3.2 billion on 28 April 2026, more than double the $1.38 billion a year earlier and above analysts’ $2.63 billion forecast.
The profit was driven by an “exceptional” oil-trading gain of $2.5 billion, up from $103 million in the prior year.
BP declared an 8.32-cent dividend, suspended its share-buyback program and plans to reduce hybrid bonds by about $4.3 billion, while net debt rose to $25.3 billion.

Summary

BP Capex Plan

BP set a $13–$13.5 billion capex plan through 2026 and aims to sell $9–$10 billion of assets to fix its balance sheet.
Quarterly shareholder payouts totalled $1.8 billion, with a $500 million residual buyback that closed the November 2025 programme.
Activist investors who forced an AGM revolt will press the board on resuming buybacks versus strengthening the balance sheet.
BP pledged to raise its dividend by at least 4 % each year despite halting share-buybacks.

History

Historical Context

On July 11 2008 Brent crude reached a record $147 per barrel, the highest price since the early 2000s. The surge contributed to $494.8 billion in combined profits for the six supermajors between 2004 and 2007, prompting majors like BP to boost upstream investment. The episode illustrates how OPEC-driven price spikes historically trigger large-scale capital spending.

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BP Doubles Profit

BP reported first-quarter profit of $3.2 billion on 28 April 2026, more than double the $1.38 billion a year earlier and above analysts’ $2.63 billion forecast.
The profit was driven by an “exceptional” oil-trading gain of $2.5 billion, up from $103 million in the prior year.
BP declared an 8.32-cent dividend, suspended its share-buyback program and plans to reduce hybrid bonds by about $4.3 billion, while net debt rose to $25.3 billion.

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