Overview
- BP won two upgrades Monday after its first-quarter report, with Argus moving to Buy at $50 and RBC to Outperform at 700 GBp.
- Adjusted net income reached $3.198 billion, or $1.24 per share, beating the $0.91 consensus by a wide margin.
- Results were driven by higher oil and gas output, wider refining margins, and strong performance from BP’s oil trading unit.
- Management kept 2026 production flat versus 2025 and set capital spending at $13.0–$13.5 billion, while maintaining a 35-year dividend streak with a yield near 4.56%.
- Analysts highlighted a debt-reduction push under CEO Meg O’Neill, including a $20 billion divestment plan and plans to retire $4.3 billion in hybrid bonds.