Company Reports

Before new CEO Meg O'Neill took the helm in April 2026, BP had already pivoted away from its energy transition strategy, following years of underperformance, by cutting low-carbon investment and increasing investment in oil and gas. In her short time, O'Neill has already taken steps to reorganize the business into an upstream/downstream structure to accelerate the turnaround, streamline the project pipeline, and announce the sale of Archaea Energy, a major transition-related acquisition.

BP's second-quarter earnings of $5.7 billion increased from $2.4 billion the year before, exceeding market expectations, as higher prices and wide refining margins offset lower volumes. New CEO Meg O'Neill laid out her five key priorities in pursuit of a step change in performance.

BP announced the removal of Albert Manifold as chair and director, effective immediately, due to "serious concerns" related to important governance standards, oversight, and conduct. Shares fell 4% on the news.

BP's first-quarter earnings of $3.2 billion increased from $1.4 billion the year before, exceeding market expectations. Stronger refining and trading performance drove the improvement, as production pricing lags meant upstream earnings didn't fully reflect the impact of the war in the Middle East.

The launch of the Iran war has sent global oil and gas prices and refining margins higher. Incorporating the latest futures curves resulted in a revision to our fair value estimates for the major oil companies.

BP still uses the phrase “integrated energy company,” but it doesn’t mean the same thing it did when the company introduced it. With its recent pivot, it is no longer leaning into the energy transition and investing heavily in low-carbon projects. Instead, after years of underperformance following the introduction of the transition strategy, management is cutting low-carbon investment and increasing investment in oil and gas. Investors should welcome this, but BP is still behind peers like Shell, which made the same decision a few years ago.

BP's fourth-quarter earnings of $1.5 billion met market expectations and were improved from the year before, primarily from a recovery in refining margins, offset by weaker oil prices. Net debt held flat with the third quarter, but management halted share repurchases to improve balance-sheet health.

In the wake of the capture and arrest of Venezuelan President Nicolás Maduro, Trump administration officials signaled that US companies would be involved in the restoration of Venezuelan crude production.

Current Woodside CEO Meg O'Neill will become BP's new CEO, effective April 1, 2026. Current CEO Murray Auchincloss is stepping down effective immediately, but will remain in an advisory role until December 2026.

BP's third-quarter earnings of $2.2 billion exceeded market expectations and were only slightly down from last year, as strong refining margins offset weak oil prices. Net debt held flat from the second quarter, and management increased asset sale proceeds guidance to over $4 billion for the year.

BP still uses the phrase “integrated energy company,” but it doesn’t mean the same thing it did when the company introduced it. With its recent pivot, it is no longer leaning into the energy transition and investing heavily in low-carbon projects. Instead, after years of underperformance following the introduction of the transition strategy, management is cutting low-carbon investment and increasing investment in oil and gas. Investors should welcome this, but BP is still behind peers like Shell, which made the same decision a few years ago.

We've updated our midcycle oil price assumption. Our 10-year forecast marries our bullish in-house oil demand view with Rystad's supply projections, which align with our revised, long-term take.

BP's second-quarter earnings of $2.4 billion exceeded market expectations on strong earnings from the gas and low-carbon energy, and customers and products segments. BP will conduct a review of its portfolio to ensure effective capital allocation and initiate a further cost review.

Shell announced that it is not actively considering making an offer for BP, has not approached BP, and that no talks have taken place.

Crude oil prices were only up about 1% in early trading on June 23 after the US bombed Iranian nuclear sites over the weekend. Before this rise, oil prices had increased nearly 21% in the last month compared with oil equities, as measured by the Energy Select Sector SPDR Fund's 9% gain.

BP still uses the phrase “integrated energy company,” but it doesn’t mean the same thing it did when the company introduced it. With its recent pivot, it is no longer leaning into the energy transition and investing heavily in low-carbon projects. Instead, after years of underperformance following the transition strategy’s introduction, management is cutting low-carbon investment and increasing investment in oil and gas. Investors should welcome this, but BP is still behind peers like Shell, which made the same decision a few years ago.

First-quarter 2025 earnings fell short of market expectations while debt levels increased from end-2024. The announced repurchase rate of $750 million for the quarter was at the bottom of the previous guidance range. Management reiterated confidence in its strategic reset, announced in February.

BP is reducing total annual capital spending as part of its strategic reset, with greater amounts going to oil and gas and less to low carbon. Divestments of $20 billion will fund debt reduction. However, its current quarterly repurchase rate falls to $0.75 billion-$1.0 billion from $1.75 billion.

BP still uses the phrase “integrated energy company,” but it doesn’t mean the same thing it did when it first introduced it. With their recent pivot, they are no longer leaning into the energy transition and investing heavily in low-carbon projects. Instead, after years of underperformance following the transition strategy’s introduction, management is cutting low-carbon investment and increasing investment in oil and gas. Investors should welcome this, but BP is still behind peers like Shell, which made the same decision a few years ago.

Fourth-quarter earnings fell short of market expectations, but debt levels fell from the third quarter and BP kept its quarterly repurchase rate constant at $1.75 billion. Management announced plans to "fundamentally reset" their strategy at the upcoming capital markets day.