By Adam Whittaker
BP is scheduled to report results for the first quarter on Tuesday. Here is what you need to know.
PROFIT FORECAST: BP's underlying replacement-cost profit is expected at $2.67 billion, according to a company-compiled consensus. It booked $1.54 billion in the fourth quarter, and $1.38 billion in the same period in 2025. Underlying RC profit is BP's main profit metric and is similar to net income reported by U.S. oil companies.
Shares in the British energy major have risen by over a third so far this year as the conflict in the Middle East upends energy markets.
--Tuesday's earnings will be the first of Meg O'Neill's tenure as Chief Executive Officer and means investors will be eagerly listening to what she says about the future direction of the company. Analysts, however, aren't expecting major changes given BP only set out its reset strategy in February last year.
--"How exceptional is exceptional?" RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani wrote after BP used the term to describe its oil-trading performance. BP doesn't use the phrase often so markets will be eager to try and work out how much BP's traders capitalized on the volatility.
--Reinstating the quarterly buyback isn't on the cards and analysts expect the company to use higher commodity prices to pay down debt. BP had cut its buyback to zero in February as it contended with weaker prices.
--BP made 12 discoveries in 2025 but not all of them are expected to progress. Investors will be seeking information on which BP are likely to invest in, with the company's largest find in 25 years at the Bumerangue block offshore Brazil a key area of interest.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
April 27, 2026 06:41 ET (10:41 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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