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BP (BP/ LN) - Q2 2026 (USD): Revenue 69.1bln (exp. 67.7bln) Operating Cash Flow 10.86bln (exp. 10.09bln), Adj. Net Income 5.73bln (exp. 5.01bln)

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BP exceeded Q2 earnings expectations but faces operational reliability issues. The company is accelerating a portfolio overhaul through major divestments, including its North Sea and Archaea businesses, to cut costs.

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FY Guidance: Expects upstream production between 2,180 and 2,270 mboepd. Expects continued progress in growing cash flows in the customer business. Expects throughput between 1,360 and 1,410 mbpd.  CEO: "We also took steps to simplify and strengthen bp. In recent weeks, we sold our Gelsenkirchen refinery, agreed to sell our retail business in Austria and announced our intention to sell our North Sea business in the UK. Today, we are announcing our intention to sell Archaea, our biogas business in the US." "But there are areas where our performance fell short. Operationally, our plants didn't run as well as they did last quarter - upstream plant reliability was 92.4%, compared to 95.7%, and production was down and our refineries processed less crude. This was due, in part, to planned maintenance and the conflict in the Middle East, but this is a reminder that we have more to do to deliver consistent operational performance."

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