bp’s first-quarter 2026 earnings more than doubled from the prior quarter, the energy giant and convenience-store company reported Tuesday.
London-based bp’s underlying replacement cost profit was $3.2 billion for the latest quarter, compared to the $1.5 billion in fourth quarter of 2025.
Tuesday marked bp’s first earnings report with Meg O’Neill as CEO and Carol Howle, who had been serving as interim CEO, as deputy CEO. It was also its first since the conflict in the Middle East had broken out, causing oil and gas prices to surge.
“Right now, we’re operating in an environment of significant complexity,” O’Neill said in a video presentation. “Geopolitical tension, supply disruption, rapid technological change and shifting global energy demand. Energy has rarely been more central to the world’s concerns. The teams across bp are playing their part to keep oil, gas and refined products flowing during an incredibly challenging time, focused on maintaining safe, reliable, cost-efficient operations.”
Roughly 20% of global and oil product flows go through the Strait of Hormuz, which has effectively been closed since early March, following the start of the conflict between the U.S. and Iran in late February, according to Denton Cinquegrana of OPIS.
bp has less exposure to the blockage of the Strait of Hormuz than most other Western energy producers, giving it an advantage in the current crisis, the Wall Street Journal reported. The company has joint ventures in Iraq, but they represent just 4% of its total oil and gas production, the WSJ said, citing Goldman Sachs.
- bp is No. 5 on CSP’s 2026 Top 40 update to the 2025 Top 202 ranking of U.S. c-store chains by store count. Watch for the full 2026 Top 202 ranking in June.
On the prepared video, O’Neill also said that bp would reorganize to have a defined upstream and downstream business, although she didn’t go into much detail on what that would entail.
“This change will enable us to reset ways of working and ensure that accountability sits in the right place and simplifies decision-making, empowering the bp team. We’ll keep you updated as we make progress on this,” she said.
O’Neill said her immediate priority was to accelerate bp’s progress, keeping a focus on safety, operational performance and capital discipline.
Looking to bp’s customers and products segment, which includes bp’s retail fuel and convenience business, the replacement cost profit before interest and tax for the first quarter of 2026 was $2.5 billion, compared with $1.4 billion for the previous quarter.
The underlying replacement cost profit before interest and tax for the first quarter was $3.2 billion, compared with $1.3 billion in the fourth quarter of 2025, bp reported. The customers first quarter underlying result was higher by $0.1 billion, reflecting seasonally lower volumes and lower retail fuels margins, bp said.
bp is reshaping its retail network and plans to exit about 10% of its company-owned sites, former CEO Murray Auchincloss said in November. The company had 1,708 U.S. convenience stores as of Jan. 1, under the brands ampm, Thorntons and TravelCenters of America.
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