Oil major BP beats profit expectations as Iran war boosts fuel prices
BP reported first-quarter profits of $3.2 billion, more than doubling last year's figure due to rising oil and gas prices linked to the Middle East conflict. The results surpassed analyst expectations and were driven by strong trading and midstream performance. CEO Meg O'Neill highlighted continued operational strength and progress toward the company's 2027 goals.
- ▪BP posted an underlying replacement cost profit of $3.2 billion for the first quarter of the year.
- ▪The profit figure exceeded the LSEG-compiled analyst consensus of $2.63 billion.
- ▪Ongoing disruptions in the Strait of Hormuz have created what the International Energy Agency calls the biggest energy security threat in history.
- ▪BP's shares rose 2.5% in morning trading and have gained over 32% this year.
- ▪BP is now second only to France's TotalEnergies among top oil supermajors in year-to-date stock performance.
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| Original publisher | CNBC |
| Canonical URL | https://www.cnbc.com/2026/04/28/bp-q1-earnings-oil-energy.html |
| Publication time | Tue, 28 Apr 2026 06:04:55 GMT |
| Retrieval time | 2026-04-28T06:11:59.637Z |
| Last seen | 2026-04-28T06:11:59.637Z |
| Headline source | Publisher (no WeSearch rewrite) |
| Excerpt source | publisher body |
| Excerpt method | First ~120 words (~800 chars) of extracted publisher body, fair-use limited. |
| Summary | WeSearch · cerebras-chat (WeSearch summarizer) |
| Summary source text | contentText |
| Citation coverage | Summary is a WeSearch-generated derivative; primary citation is the original publisher URL. |
| Cluster | yjCQ1AHnJGM9 · 4 stories |
| Cluster logic | Grouped by semantic title/content similarity across sources within a rolling window. Same-publisher template collisions are excluded from coverage comparison. |
| Ranking reason | Story pages are not engagement-ranked. Hub feeds use recency, with optional source-diversified chronological ordering (cap consecutive stories per source). No personalized ranking. |
| Publisher visit | Yes — open original |
| Substitutes article? | No — link-out required for full text |
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| Indexing | May the item be indexed (stored, ranked, made findable)? | Allowed |
| Snippet | May a short excerpt of the publisher's text be shown? | Allowed |
| AI summary | May WeSearch generate its own short summary of the article? | Limited |
| Retrieval / RAG | May the content be exposed for third-party retrieval-augmented generation? | Not asserted |
| Model training | May the content be used to train AI models? | Not asserted |
| Commercial reuse | May the content be reused commercially? | Not permitted |
Basis: Derived from the published RSS/Atom feed. Contact: [email protected]. Reviewed: 2026-07-24.
Opening excerpt (first ~120 words) tap to expand
British energy major BP on Tuesday reported that first-quarter profits more than doubled from a year ago, following a surge in oil and gas prices driven by the Middle East conflict.The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $3.2 billion for the first three months of the year. That comfortably beat analyst expectations of $2.63 billion, according to an LSEG-compiled consensus.The company said the first-quarter results reflect "exceptional" oil trading contributions and stronger midstream performance. BP's net profit came in at $1.38 billion over the same period last year and $1.54 billion in the final three months of 2025."Overall, our business continues to run well.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at CNBC.
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