The BP refinery in Lingen, Germany (aerial view with a drone).
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British energy major BP on Tuesday reported stronger-than-expected first-quarter profit, 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 beat analyst expectations of $2.63 billion, according to an LSEG-compiled consensus.
The company said the 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.
It comes as oil and gas companies experience a significant share price boost, with fossil fuel prices soaring since the U.S.-Israeli war against Iran started on Feb. 28.
Ongoing and severe disruption through the strategically vital Strait of Hormuz has resulted in what the International Energy Agency has described as the biggest energy security threat in history.
Shares of BP have rebounded over the last 12 months, following years of relative underperformance that culminated in the company becoming the subject of intense takeover speculation.
The London-listed stock has continued to rally this year. Shares are up more than 32% in 2026, which means BP is second-only to France’s TotalEnergies among the top five oil supermajors.
BP’s board suffered a shareholder revolt at its annual general meeting last week following a tense clash with investors over corporate governance and climate transparency.
The company failed to get majority shareholder approval on two highly anticipated motions, which would have permitted online-only AGMs and retired two company-specific climate disclosure obligations.
It formed part of a broader investor rebellion at the AGM, one that resulted in weaker-than-typical support for BP Chair Albert Manifold and robust backing for a motion calling on the energy major to justify its capital discipline on oil and gas investments.
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