BP said in its second-quarter trading statement that net debt at the end of 2Q26 is expected to be $22 billion to $23 billion, down from $25.31 billion at the end of 1Q26, after a $2.9 billion redemption of €2.5 billion of perpetual hybrid bonds on June 22 and $1.1 billion of Gulf of America settlement payments.
The company said the combined total of net debt, hybrids and Gulf of America settlement liabilities is expected to decrease by about $6.3 billion to $7.3 billion from the first quarter, with remaining hybrid bonds expected at about $13 billion versus $16.0 billion at the end of 1Q26. BP reiterated its target to reduce net debt to $14 billion to $18 billion by the end of 2027.
BP said its oil trading result in 2Q26 is expected to be slightly higher than in 1Q26, reflecting higher prices and volatility during the Iran conflict, while gas trading is expected to be broadly flat. Upstream production is expected at 2.17 million to 2.22 million barrels of oil equivalent per day, down from 2.339 million in 1Q26, with lower output linked to seasonal maintenance, mainly in the Gulf of America, and disruption in the Middle East.
BP also said products are expected to benefit from stronger realized refining margins, while refinery throughput is expected at 1.445 million to 1.475 million barrels per day versus 1.527 million in the first quarter because of turnaround activity and lower Whiting volumes after an April third-party event. The company said exploration write-offs are expected at about $500 million, mainly related to the sale of Bay du Nord, and post-tax adjusting items related to impairments are expected at about $1.0 billion, primarily in transition businesses within gas and low carbon energy. Second-quarter results are scheduled for Aug. 4, 2026.