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BP Production Surges 4.5% as Middle East Supply Risks Continue

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-- BP's Q1 production hit 2.34 million barrels of oil equivalent per day, a 4.5% year over year increase driven by major project startups and Bpx Energy shale performance.

Despite these operational gains, the energy giant warned that escalating Middle East disruptions will weigh on future output.

The oil production and operations division served as the company's primary engine, delivering an underlying profit of $2.0 billion, consistent with Q4 2025.

Higher price realizations successfully offset the impact of North Sea divestments. Reported production reached 1,541 mboe/d, marking a 4.5% increase over the previous year.

BP's gas and low carbon energy segment posted an underlying profit of $1.3 billion, down slightly from $1.4 billion in late 2025.

The dip was attributed to "average" gas marketing results and adverse price lags. However, volume remained strong, with reported production reaching 798 mboe/d, also up 4.5% year-on-year.

Reported production for this segment hit 798 mboe/d, up 4.5% from the same period last year.

Despite the strong start to 2026, BP issued a cautious outlook for the second quarter.

The company expects reported upstream production to decline due to seasonal maintenance predominantly affecting operations in the Gulf of Mexico and Middle East disruption.

The company warned that refining margins and fuel volumes remain highly sensitive to the "extent and duration" of current conditions in the Middle East.

BP maintains its 2025 underlying production targets but has officially lowered its total reported upstream production forecast for the full year.

"We continue to closely monitor the situation," the company stated, noting that the full impact on its customers and products businesses will depend on how long these market disruptions persist.

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