(Il Sole 24 Ore Radiocor) - Milano, 28 apr - UK energy company BP said its first quarter underlying replacement cost profit came in at 3.198 billion dollars compared with 1.541 billion for the previous quarter and 1.381 billion a yera ago.

Compared with the fourth quarter, the underlying result reflects exceptional oil trading contribution and stronger midstream performance.

Reported profit for the quarter was 3.842 billion, compared with a loss of 3.422 billion for the fourth quarter 2025 and a profit of 687 million a year ago.

The reported result for the first quarter is adjusted for inventory holding gains of 3.2 billion dollars and a net adverse impact of adjusting items of 2.5 billion to derive the underlying RC profit. Adjusting items include adverse pre-tax fair value accounting effects of 1.1 billion and post-tax net impairments of 0.4 billion.

BP said that first quarter plant reliability improved to 95.7% from 95.4% in the prior three months with reported production broadly flat as higher production in the Gulf of America and strong performance in bpx Energy offset the impact of disruptions in the Middle East and a North Sea divestment at the end of 2025.

BP expects second quarter reported upstream production to be lower compared with the first quarter 2026, 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, it said.

In its customers business, bp expects compared to the first quarter, seasonally higher volumes to be more than offset by a lower midstream result, including the potential reversal of the first quarter timing effects. BP expects volumes and fuels margins to remain sensitive to conditions and developments in the Middle East.

In products, BP expects compared to the first quarter, refining throughput to be impacted by a higher level of planned refinery turnaround activity. It also expects lower throughput at Whiting due to a third-party event this month which has now been resolved. Refining margins are expected to remain sensitive to the cost of supply and conditions in the Middle East.

BP said it plans to reduce its hybrid capital in the second quarter 2026 through the redemption, without replacement, of.

2.5 billion euros of perpetual hybrid bonds.

(RADIOCOR) 28-04-26 08:51:59 (0184) 5 NNNN