© BP / The Castellón refinery will produce green hydrogen from May
BP recorded profits of $3.2bn in Q1, more than doubling the $1.54bn reported in Q4 2025 and $1.38bn in Q1 2025.
International gas prices rose sharply in Europe and Asia, with March average UK NBP and JKM up around 65% and 70% respectively versus February. In the US, other than a price spike during winter storm Fern, Henry Hub prices were much more stable, averaging $3.50 per MMBTU in the quarter.
Despite benefitting from rising prices, the multinational expects volumes and fuels margins to remain sensitive to conditions and developments in the Middle East, although under 10% of its LNG portfolio is sourced from the region.
The results are the first reported under new CEO Meg O’Neill. She said her immediate priority is to keep a tight focus on safety, operational performance and capital discipline.
“Right now we’re operating in an environment of significant complexity – geopolitical tension, supply disruption, rapid technological change and shifting global energy demand. Energy has rarely been more central to the world’s concerns,” she said.
BP and Iberdrola will produce the first molecules at their 25MW green hydrogen project in Spain .
Castellón Green Hydrogen SL said the project, being constructed at BP’s Castellón refinery, had reached 90% assembly completion, with 100% of equipment now on site.
