BP p.l.c. (NYSE:BP) stock is trading lower premarket on Tuesday. The company posted a trading update ahead of its first-quarter FY26 results scheduled for April 28.

The British oil & gas major cites oil trading result as ‘exceptional’ in the first quarter.

The news comes as BP CEO Meg O'Neill kicks off a restructuring effort. According to the Financial Times, the oil company will steer away from green energy and concentrate on two core divisions: one focused on its upstream business and another covering downstream (refining, distribution, and retail).

Details

BP expects first-quarter upstream production to be largely unchanged from the previous quarter. The company sees stable output in gas and low-carbon energy, offset by lower volumes in oil production & operations.

In the oil production & operations segment, the company projects price realizations to boost results by $0.1 billion to $0.2 billion quarter over quarter, reflecting price lag effects on BP’s production in the Gulf of America and the U.A.E.

Meanwhile, it sees gas marketing and trading performance in line with average levels.

In the customers and products segment, BP projects results to reflect seasonally lower volumes and lower retail fuel margins.

The company sees roughly $0.1 to $0.2 billion in refining margin gains and lower turnaround activity.

BP expects net debt at quarter-end at $25–$27 billion, down from $22.2 billion in the fourth quarter.

Brent Trading

Brent crude prices averaged $81.13 per barrel in the first quarter of 2026, down from $63.73 per barrel in the fourth quarter of 2025.

The U.S. Henry Hub first-of-month natural gas price averaged $5.05 per mmBtu in the first quarter, up from $3.55 per mmBtu in the prior quarter.

BP’s refining indicator margin (RIM) averaged $16.9 per barrel in the quarter, compared with $15.2 per barrel in the prior quarter.

BP Price Action: BP shares were down 0.66% at $46.13 during premarket trading on Tuesday, according to Benzinga Pro data.

Photo via Shutterstock