Important Factors to Watch Ahead of BP's Q2 Earnings Release

BP heads into Q2 earnings with higher estimates, supported by strong oil prices but tempered by lower seasonal production.

Zacks Equity Research

3 min read

BP plc BP is set to report second-quarter 2026 results on Aug. 4, 2026.

In the last reported quarter, the British energy giant reported earnings of $1.24 per American Depositary Share (ADS) on a replacement-cost basis, excluding non-operating items. The figure beat the Zacks Consensus Estimate of 91 cents, thanks to increased upstream production, significantly higher realized refining margins and a strong oil trading contribution.

BP’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 22.98%. This is depicted in the graph below:

BP p.l.c. Price and EPS Surprise

BP p.l.c. price-eps-surprise | BP p.l.c. Quote

BP’s Estimate Trend

The Zacks Consensus Estimate for second-quarter earnings is pegged at $1.98 per ADS, implying an improvement of 120% from the year-ago reported number. It has witnessed one upward estimate revision in the past seven days.

The Zacks Consensus Estimate for second-quarter revenues is currently pegged at $67.7 billion, indicating a 42% rise from the year-ago actuals.

Q2 Earnings Whispers for BP

Our proven model doesn’t predict an earnings beat for BP this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here.

The integrated energy major has an Earnings ESP of 0.00% and a Zacks Rank #3.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Factors to Note Ahead of BP’s Q2 Results

To have an idea of how oil prices behaved in the June quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for April, May and June of this year were $100.32 per barrel, $102.13 per barrel and $84.81 per barrel, respectively, per EIA data. Commodity prices were $63.54 per barrel, $62.17 per barrel and $68.17 per barrel, respectively, in April, May and June of 2025, according to the EIA.

A constructive oil-price backdrop due to the Iran war aided the company’s exploration and production businesses in the June quarter of this year. However, the company expects its sequential production to be lower because of seasonal maintenance activities across the Gulf of America.

Stocks to Consider

Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.

Occidental OXY currently has an Earnings ESP of +6.66% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

OXY is scheduled to release second-quarter earnings on Aug. 5. The Zacks Consensus Estimate for OXY’s earnings is pegged at $1.95 per share, implying a 400% increase from the prior-year reported figure.

Energy Transfer LP ET currently has an Earnings ESP of +5.88% and a Zacks Rank #3.

Energy Transfer is scheduled to release second-quarter earnings on Aug. 4. The Zacks Consensus Estimate for ET’s earnings is pegged at 38 cents per share, indicating an 18.8% improvement from the prior-year reported figure.

Devon Energy DVN currently has an Earnings ESP of +0.61% and a Zacks Rank #3.

DVN is scheduled to release second-quarter earnings on Aug. 4. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.30 per share, implying a 54.76% increase from the prior-year reported figure.

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