BP announced that its underlying replacement cost profit for the first quarter rose to $3.2 billion, more than double the $1.4 billion earned in the same period a year earlier, and well ahead of the $2.6 billion consensus estimate. The jump reflects a surge in oil trading amid heightened market volatility triggered by the Middle East conflict, coupled with a stronger midstream performance. BP noted that the oil trading contribution for the first quarter was exceptional compared with the average result in the same period of 2025, while the gas marketing and trading result was average compared with the weak result for the same period in 2025. Earlier this month, BP had guided for an "exceptional" oil trading result for the first quarter of 2026, due to the extreme market volatility at the beginning of the Middle East conflict. During the quarter, BP 's oil and gas output remained broadly flat versus Q4 2025, as higher production in the Gulf of America and robust performance in the U.S. shale business, BPX Energy , offset disruptions in the Middle East and a North Sea divestment. Commenting on the first-quarter earnings, BP 's new CEO Meg O'Neill said, "We had high plant reliability, high refining availability and increased production in the Gulf of America and at BPX Energy, our US onshore business – keeping production levels steady despite the ongoing disruption." In recent months, BP has been betting big on the U.S. shale patch to raise its worldwide production and accelerate drilling while keeping a tight capital budget. BPX Energy plans to boost its shale production by 8% to 500,000 boe/d this year, and raise output further, to 650,000 boe/d by the end of the decade, and do that with $800 million lower capital.