Energy company BP has announced huge profits as energy prices skyrocket amid the Iran conflict. Results for the first three months of its financial year showed underlying profits of £2.366billion. Analysts had expected a doubling to £1.99billion. A year previously, the figure was £1.021billion.

BP reported that in upstream plant reliability improved to 95.7% (4Q25 95.4%), and reported production was "broadly flat as higher production in the Gulf of America and strong performance in bpx Energy offset the impact of disruptions in the Middle East and a North Sea divestment at the end of 2025".

It also noted "improved downstream reliability; focused on running assets safely to meet customer demand", with refining availability improving to 96.3% (4Q25 96.0%) and above its target of 96% availability.

The firm noted a "strong financial performance", with an operating cash flow £2.15billion, after taking into account a £4.44billion adjusted working capital build, "largely driven by the rising price environment in addition to the seasonal inventory builds".

The company then noted "continued strategic progress", including an agreement to sell its Gelsenkirchen refinery.

BP said: "On transaction completion, our structural cost reduction target will increase by $1 billion to $6.5-7.5 billion by 2027. Subject to market conditions, we now plan to reduce corporate hybrid bond financing by around $4.3 billion to approximately $9 billion by end 2027."

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