BP sees Q2 upstream production lower than Q1

The company said, “Looking ahead, bp (BP) expects second quarter 2026 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. 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 1Q timing effects. We expect 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. We also expect 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 plans to reduce its hybrid capital in the second quarter 2026 through the redemption, without replacement, of EUR 2.5 billion of perpetual hybrid bonds.”