BP expects net debt to fall to $22-$23 billion in the second quarter. This marks a decrease from $25.3 billion in the first quarter.
The company anticipates post-tax impairment charges of approximately $1.0 billion. These charges primarily relate to its gas and low-carbon energy businesses.
Stronger realized refining margins and higher oil and gas prices supported the debt reduction. These factors are expected to offset lower upstream production volumes.
Seasonal maintenance and geopolitical disruptions in the Middle East impacted production.
BP will release its full second-quarter results on August 4, 2026.