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Update: BP Q2 Profit, Revenue Rise; Shares Up Pre-Bell

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(Updates with production and CapEx guidance.)

BP (BP) reported Q2 underlying replacement cost profit Tuesday of $2.22 per diluted American depositary share, up from $0.90 a year earlier.

Sales and other operating revenue for the quarter ended March 31 were $69.11 billion, up from $46.63 billion a year ago.

Analysts polled by FactSet expected $58.93 billion.

The company expects Q3 reported upstream production to be 2,100 to 2,250 million barrels of oil equivalent per day.

BP said it now expects full-year reported upstream production to be 2,180 to 2,270 mboe/d, compared with 2,312 mboe/d reported in 2025. The outlook includes factors such as the impact of disruption in the Middle East, the divestment of the Culzean gas field in the UK North Sea and the company's reduced equity interest in Latin America, it said.

BP now expects 2026 capital expenditure to be $13.5 billion to $14 billion. In April, the company projected 2026 CapEx at $13 billion to $13.5 billion.

BP shares were up 2.5% in premarket activity.

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