BP's second quarter profit of $5.7B beats estimates, driven by strong refining margins and higher oil prices.

BP reported stronger-than-expected second quarter 2026 results, with underlying replacement cost profit beating consensus estimates. The performance was primarily driven by higher oil and gas price realizations and significantly improved refining margins, which offset lower upstream production and weaker operational reliability.

Key Highlights

• Underlying replacement cost profit for the quarter was $5.7 billion, a significant increase from $3.2 billion in the prior quarter and $2.4 billion in the same quarter last year.
• Operating cash flow was strong at $10.9 billion, enabling a $3.0 billion reduction in net debt to $22.3 billion during the quarter.
• BP increased its quarterly dividend by 4% to 8.660 cents per ordinary share.
• The company announced plans to simplify its portfolio by marketing its North Sea business and its US biogas business, Archaea Energy, for potential sale.