BP's showing double profit since Iran conflict

bp’s first-quarter 2026 earnings more than doubled from the prior quarter, the energy giant and convenience-store company reported Tuesday.

London-based bp’s underlying replacement cost profit was $3.2 billion for the latest quarter, compared to the $1.5 billion in fourth quarter of 2025. Tuesday marked bp’s first earnings report with Meg O’Neill as CEO and Carol Howle, who had been serving as interim CEO, as deputy CEO. It was also its first since the conflict in the Middle East had broken out, causing oil and gas prices to surge.

“Right now, we’re operating in an environment of significant complexity,” O’Neill said in a video presentation. “Geopolitical tension, supply disruption, rapid technological change and shifting global energy demand. Energy has rarely been more central to the world’s concerns.

The teams across bp are playing their part to keep oil, gas and refined products flowing during an incredibly challenging time, focused on maintaining safe, reliable, cost-efficient operations.”

Full story bp’s first-quarter 2026 profit more than doubles amid Middle East conflict and leadership transition