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Update: BP's Q1 Underlying Profit, Sales Increase - Shares Up Pre-Bell

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-- (Updates with additional details in the fifth and sixth paragraphs.)

BP (BP) reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier.

Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier.

Analysts polled by FactSet expected $49.4 billion.

The energy major maintained an interim dividend of $0.0832 per share to be paid on June 26 to shareholders of record as of May 15.

BP said it anticipates lower Q2 reported upstream production as compared with Q1 due to the Middle East conflict, while 2026 reported upstream production is now expected to be lower from a year earlier, adding that its 2026 underlying upstream production is expected to be mostly flat as compared with 2025.

The energy giant said it continues to expect $13 billion to $13.5 billion in capital expenses for 2026.

Shares of the company were up over 3% in Tuesday premarket activity.

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