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Quarterly results

BP is performing with purpose: protecting our people, supporting our communities and strengthening our finances in a highly volatile market
BP's first quarter 2020 results cover image


BP’s chief executive officer, Bernard Looney, together with chief financial officer, Brian Gilvary and Upstream chief financial officer Murray Auchincloss hosted a webcast covering our results for the first quarter. This was followed by a question and answer session.

1Q 2020


This extraordinary time for the world demands extraordinary responses. And thankfully we are seeing that just about everywhere we look around the world. Our industry has been hit by supply and demand shocks on a scale never seen before, but that is no excuse to turn inward. BP, like many other companies, is stepping up and extending a helping hand to those in need. We do it not because it is expected of us – but because we want to. That is consistent with our purpose.

We are focusing our efforts on protecting our people, supporting our communities and strengthening our finances. I am incredibly proud of the work that our people are doing in all three areas, particularly our colleagues in operations – from rigs to retail and everywhere in between – who are continuing to deliver energy and provide goods in the most difficult of circumstances. At the same time, we are taking decisive actions to strengthen our finances – reinforcing liquidity, rapidly reducing spending and costs, driving our cash balance point lower.

We are determined to perform with purpose and remain committed to delivering our net zero ambition.
Bernard Looneychief executive officer



In numbers

Download the key numbers from our first quarter 2020 results in an infographic

BP`s first quarter 2020 results highlights
BP`s first quarter 2020 results highlights

1Q in detail

  • Underlying replacement cost profit for the first quarter was $0.8 billion, compared with $2.4 billion for the same period a year earlier. The result reflected lower prices, demand destruction in the Downstream particularly in March, a lower estimated result from Rosneft and a lower contribution from oil trading. It was also impacted by $0.2 billion non-cash underlying foreign exchange (FX) effects in other businesses and corporate, including FX translation impacts of finance debt in the BP Bunge Bioenergia joint venture.
  • Replacement cost loss for the first quarter was $0.6 billion, compared with a profit of $2.1 billion for the same period a year earlier, including a $1.4 billion net adverse impact of non-operating items and fair value accounting effects.
  • Inventory holding losses of $3.7 billion, as a result of the dramatic drop in oil prices at the quarter end, were the main driver of the reported historical cost loss of $4.4 billion.
  • Operating cash flow for the first quarter, excluding Gulf of Mexico oil spill payments, was $1.2 billion, including a $3.7 billion working capital build (after adjusting for net inventory holding losses) driven by higher Downstream product balances and trading mark-to-market receivable balances at the end of the quarter. Gulf of Mexico oil spill payments in the quarter were $0.3 billion on a post-tax basis.
  • Receipts from divestments and other proceeds were $0.7 billion in the first quarter.
  • Net debt at the end of the quarter was $51.4 billion, $6.0 billion higher than a quarter earlier. Also reflecting lower equity including FX impacts, gearing at quarter end was 36.2%.
  • At the end of the quarter BP had around $32 billion of liquidity available.
  • A dividend of 10.5 cents per share was announced for the quarter.

Webcast presentation slides

BP Magazine`s first quarter 2020 results infographic

BP Magazine's 1Q 2020 results infographic 

From the key numbers to the latest updates on projects and progress, see this quarter’s highlights from BP 

Useful links

Dates and details of dividend payments as well as our results archive and related press releases dating back to 2009