British Oil and gas major bp plc (BP,BP.L) reported Tuesday higher replacement cost or RC profit in its first quarter with increased sales. Further, the firm warned on weak upstream production in fiscal 2026.
In the overnight trading, bp shares were gaining around 1.8 percent, trading at $46.80.
In the quarter, RC profit grew to $662 million from last year's $569 million. Underlying RC profit was $3.20 billion, compared to $1.38 billion a year ago.
Underlying RC profit per share increased to 20.67 cents from 8.75 cents last year. Underlying RC profit per ADS was $1.24, up from $0.53 a year earlier.
Profit before taxation surged to $7.37 billion from prior year's $3.13 billion. Profit attributable to bp shareholders was $3.84 billion, significantly higher than $0.69 billion in the same period of 2025. Earnings per ADS were $1.47, up from $0.26 last year.
Total revenues and other income grew to $53.37 billion from last year's $47.88 billion. Sales and other operating revenues were $52.26 billion, up from $46.91 billion in the prior year.
Upstream production was 2,339 mboe/d, up from 2,239 mboe/d last year.
Looking ahead, bp expects second-quarter reported upstream production to be lower sequentially, 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.
Further, for fiscal 2026, 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.
The company expects underlying production from oil production & operations to be broadly flat and production from gas & low carbon energy to be lower.
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