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BP forecasts Q2 upstream production of 2,170 to 2,220 thousand barrels of oil equivalent per day and expects $1 billion in impairments
BP issued its Q2 2026 trading update with production targets across segments and expected financial impacts. The company also detailed net debt projections and one-time items including a Gulf of America settlement payment.
Jul 14, 2:11 AM·1m read1 source
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BP expects upstream production in the second quarter to total between 2,170 and 2,220 thousand barrels of oil equivalent per day. The company broke out separate targets of 1,420 to 1,450 MBOE/D for Oil Production & Operations and 750 to 770 MBOE/D for Gas & Low Carbon Energy.
Realizations in Oil Production & Operations are projected to add $1.8 billion to $2.1 billion compared with the prior quarter.
In the Gas & Low Carbon Energy segment, realizations are expected to contribute an additional $0.5 billion to $0.7 billion. The trading update noted that Q2 results will include post-tax adjusting items for impairments of around $1.0 billion. Financial considerations also cover a $1.1 billion payment for Gulf of America settlement liabilities.
In the Customers segment, BP anticipates seasonally higher volumes and higher fuels margins with integrated midstream performance broadly flat versus the first quarter. The Products segment is expected to show stronger realized refining margins in the range of $1.2 billion to $1.4 billion. Net debt at the end of the quarter is projected at $22 billion to $23 billion.
