BP p.l.c. is an integrated energy company engaged in the oil and gas business worldwide. It operates through three segments: Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products. Its activities include natural gas production, marketing and trading, solar, wind and hydrogen businesses, as well as aviation fuels, retail fuel and convenience, EV charging, Castrol lubricants and fluids, midstream, crude oil production, refining, oil trading and bioenergy. Founded in 1908, the company is headquartered in London, the United Kingdom.
BP Shares Rise 2.24% as Analysts Project 100% Earnings Growth
BP closed at $46.96, up 2.24% from the previous session, outpacing a 0.45% decline in the S&P 500. The oil and gas company's shares have gained 7.19% over the past month, while the Oils-Energy sector rose 2% and the S&P 500 fell 1.99%. Analysts expect BP to report earnings of $1.7 per share on revenue of $63.9 billion when it discloses results on October 30, 2026, representing year-over-year growth of 100% and 29.76%, respectively. For the full year, the Zacks Consensus Estimates project earnings of $6.58 per share and revenue of $232.88 billion, changes of +128.47% and +20.95% from the preceding year. BP currently carries a Zacks Rank of #1 (Strong Buy), with a Forward P/E ratio of 6.98 and a PEG ratio of 0.54.
Oil Jumps as Saudi Pipeline Shuts, AI Warnings Hit Tech Stocks
Oil prices jumped Monday after Saudi Arabia closed its East-West pipeline following drone attacks by Yemen's Houthis, with Brent North Sea Crude up 3.0 percent at $107.71 per barrel and West Texas Intermediate up 2.9 percent at $102.90. US average diesel prices hit a new record high above $6.0 a gallon, reaching $6.23, as markets priced a 92 percent probability of a Federal Reserve rate hike on Wednesday. Anthropic CEO Dario Amodei called on AI firms to slow development of the technology, adding to a selloff in tech stocks that sent Tokyo-listed SoftBank down more than 10 percent and chipmaker Kioxia down more than six percent, with SK hynix, Samsung and TSMC also sharply lower. European markets were mostly lower around midday, though London's FTSE 100 rose 0.7 percent to 10,727.07 points on gains for Shell and BP, while Paris's CAC 40 fell 0.8 percent and Frankfurt's DAX lost 0.5 percent. Russ Mould, investment director at AJ Bell, said oil and AI fears were causing a double headache for investors, compounding inflation worries stoked by last week's elevated US consumer price index data.
Burnham Faces Economic Strategy Test Ahead of October 28 UK Budget
UK Prime Minister Andy Burnham is under pressure to define his government's economic strategy ahead of the Oct. 28 budget, with Labour officials questioning how his administration will tackle weaker growth, strained public finances and higher inflation, according to Bloomberg. Since replacing Keir Starmer, Burnham has pushed ministers and civil servants to move quickly and overcome bureaucratic and legal obstacles, producing several early political wins, though officials and Labour figures say the harder economic decisions remain unresolved. Chancellor John Healey pledged fiscal stability in his first major speech this week and stressed the need to reduce borrowing, comments that caused confusion among observers who had expected the government to loosen its fiscal rules to permit more borrowing at the October budget. Burnham has expressed a preference for cutting rather than raising taxes even as economists see tax increases as necessary to close a gap in the public finances, and questions remain over who is directing economic policy, with Healey's Treasury, Burnham's new No. 10 North operation in Manchester and Downing Street officials all involved in developing growth policies. Several major spending decisions have been deferred: the government is moving toward raising defense expenditure to 3% of GDP by 2030 but its funding plan is not expected until next year, Burnham wants to reduce welfare spending though the scale and timing remain unclear, plans to nationalize Thames Water have been delayed amid cost concerns, and decisions on further drilling at the Jackdaw and Rosebank oil and gas fields have been pushed later into the autumn. Labour has strengthened in national polling since Burnham took office, and his allies expect more of the government's long-term economic direction to emerge in a 10-year plan scheduled for December, while the more immediate challenge comes with the October budget as officials weigh the impact of the Iran war on inflation and economic growth alongside pressure on government finances.
Shell to Acquire Stakes in BP's Brazil and Gulf of America Prospects
Shell plc has agreed to acquire a 30% interest in BP's Conifer exploration prospect in the Gulf of America and a 50% stake in the Tupinambá exploration block in Brazil's Santos Basin, with BP retaining operatorship of both. The Conifer prospect, operated by BP, consists of five leases, and Shell will enter as a 30% partner, while BP keeps 70%. The Tupinambá block, secured by BP in December 2023 under Brazil's second Production Sharing Permanent Offer cycle, is expected to begin drilling soon, and the Conifer well is scheduled for 2027. These partnerships allow BP to share development risks while aligning with its capital discipline, and give Shell exposure to potentially significant discoveries in two prolific regions. Both companies currently hold a Zacks Rank #3, while Valero Energy and Galp Energia are ranked #1 and #2, respectively.
Piper Sandler Raises Chevron Price Target to Street-High $243
Piper Sandler has lifted its price target on Chevron to a Street-high $243 from $207, part of a broader round of estimate increases across its integrated oil and refiner coverage driven by stronger crude and refining margins. The firm kept its overweight rating on the stock. Analyst John Royall raised the third-quarter Brent forecast to $88 per barrel from $80, and the fourth-quarter forecast to $90, citing continued supply issues on the diesel side lasting well into next year. The changes pushed Piper Sandler's estimates about 12% and 27% ahead of Wall Street's 2026 third-quarter and 2027 EBITDA forecasts for the majors, and roughly 15% and 36% above consensus for the refiners. Piper Sandler also lifted price targets for BP to $46, MPC to $462, PSX to $264, SHEL to $100, TTE to $93, VLO to $435, and XOM to $185.
Shell Acquires Stakes in BP's Brazil and Gulf Exploration Prospects
BP and Shell have agreed to partner on two deepwater exploration opportunities, with Shell taking a 50% interest in the Tupinambá block offshore Brazil and a 30% interest in five U.S. Gulf leases containing the Conifer prospect. BP will retain a 50% stake in Tupinambá and a 70% interest in Conifer and will remain operator of both, the British energy major said. Financial terms were not disclosed. BP expects the first exploration well at Tupinambá to spud soon, while drilling at Conifer is planned for 2027. The Brazilian transaction remains subject to regulatory approvals. Tupinambá is located in the pre-salt Santos Basin, approximately 400 kilometers off the Brazilian coast in water depths of around 2,300 meters. BP secured the block in December 2023 through Brazil's second production-sharing Permanent Offer cycle and was the sole bidder. The deal expands Shell's position in Brazil's offshore while allowing BP to share costs and risks. In the U.S. Gulf, Shell will acquire 30% interests in five leases covering the Conifer prospect in the deepwater Paleogene play, with BP obtaining four leases through Lease Sale 259 in 2023 and the fifth through the BBG-1 lease sale in February 2026. Conifer is located in the Keathley Canyon area roughly 250 miles southwest of New Orleans and near BP's Kaskida development, which BP sanctioned in 2024 as its first Paleogene development.
Pakistan Rejects Costly LNG Cargo as Blackout Risk Deepens
Pakistan may have to extend rolling blackouts after it refused to pay three times the pre-war price for an LNG cargo, which was the only offer its latest emergency tender drew. The single cargo, offered by BP, was priced at $27 per million British thermal units, according to Bloomberg. A senior Pakistan LNG Limited executive said the bid was $26.969 per MMBtu, considered too high against the international price of $23.18 per MMBtu, so a fresh tender has been issued seeking 140,000 cubic meters of natural gas. This compares with $20.70 per MMBtu paid for an emergency cargo in July, which was later topped by another at $21.88 per MMBtu. Power generation costs surged 38% in July from a year earlier due to LNG price jumps and reliance on spot purchases after losing long-term supply from QatarEnergy, which extended force majeure on exports amid the Strait of Hormuz blockade, forcing Pakistan to resort to rolling blackouts lasting up to 24 hours in parts of Karachi.
BP Names Ian Tyler Permanent Chair After Manifold's Exit
BP has named Ian Tyler as its permanent chair with immediate effect, completing a leadership search launched after the company abruptly removed former chair Albert Manifold in May. Tyler, who served as interim chair since May 26, will work alongside CEO Meg O'Neill as BP undergoes a significant strategic and organizational overhaul. Tyler joined BP's board in April 2025 and previously chaired Cairn Energy and served on BAE Systems' board; he is currently chair of Grafton Group and senior independent director at Anglo American. His appointment follows a turbulent period that saw O'Neill become CEO in April, and BP has reset its strategy to focus on upstream growth and capital discipline, with oil and gas investment expected at roughly $10 billion annually while cutting transition spending to $1.5-$2 billion per year through 2027. Tyler said his priorities include reshaping the board and increasing shareholder engagement, while Senior Independent Director Dame Amanda Blanc, who led the search, will not seek re-election at the 2027 annual meeting.
Labour tax raid on North Sea would cause lasting damage, bosses warn
A fresh Labour tax raid on the North Sea would cause "lasting damage" to Britain's oil and gas industry, bosses have warned. Chancellor John Healey is facing backlash over plans to extend a windfall tax on UK oil and gas profits, with energy chiefs claiming this would destroy investment and accelerate job losses. Russell Borthwick, chief executive of the Aberdeen chamber of commerce, which represents BP and Shell, said another tax raid would cripple an industry "which Britain cannot afford to lose." Labour already taxes oil and gas profits at 78 percent under an existing windfall levy, which former Chancellor Rachel Reeves extended from 2028 to 2030. Under a more punitive regime, Healey could increase the levy and extend it beyond 2030, alongside a possible windfall tax on banks, as he seeks to raise billions for public spending in his first Budget. The prospect of a new tax grab also raises questions over the sale of BP's North Sea business, which had been expected to fetch up to 2.5 billion pounds.
Halliburton Wins BP Deepwater Appraisal Contract in Brazil
Halliburton has received an integrated contract from BP for the first appraisal campaign in Brazil's Bumerangue deepwater field, covering drilling, digital, and automation services. The award highlights Halliburton's role in a major offshore project in Brazil's pre-salt region, aligning with its strategy of international, technology-heavy energy projects. This win supports the narrative that Halliburton's digital and automation tools can be embedded early in asset life, but also underscores its continued dependence on long-lived oil and gas developments amid decarbonization concerns.
UK Chancellor Healey Prepares Cautious First Budget
UK Chancellor John Healey is preparing a cautious first budget to maintain market confidence as the Iran war, higher borrowing costs, and government spending commitments squeeze Britain's public finances, Bloomberg reported Saturday. Healey is expected to favor relatively modest measures in his Oct. 28 budget as Prime Minister Andy Burnham's government seeks to avoid unsettling investors or repeating the large tax increases introduced under former Chancellor Rachel Reeves. The chancellor has made fiscal discipline a priority and wants government spending announcements to identify how they will be funded. Britain's fiscal position has weakened since Burnham took office, with Healey inheriting £23.6 billion ($31.9 billion) of headroom against the government's borrowing rule, but higher debt-servicing costs and new spending commitments are estimated to have reduced that buffer by about £9 billion. Long-term government borrowing costs have remained relatively stable since Healey's appointment, with the yield on 30-year UK government debt rising to around 5.79% from 5.75%. Potential revenue-raising measures under discussion include higher taxes on banks following strong recent profits, and Treasury officials have also considered increasing taxes on windfall profits at fossil fuel companies after BP more than doubled its profit between April and June amid elevated oil prices. Healey is separately examining whether Britain's fiscal rules provide room for increased infrastructure borrowing, although officials are wary of triggering a negative reaction in bond markets. The government faces other major spending pressures, including welfare and defense, with plans to raise defense expenditure to 3.5% of gross domestic product expected to be addressed in the government's 2027 spending review rather than the October budget. Healey has yet to commit publicly to spending 3% of GDP on defense by 2030, up from around 2.6% currently, which would require at least another £10 billion. The budget will be Healey's first major fiscal test since becoming chancellor and comes as Labour seeks to preserve its recent recovery in opinion polls.
Eni Targets First Gas From Egypt Discovery Within Two Years
Italian energy major Eni is working toward a final investment decision on the Denise West gas discovery offshore Egypt within the next few months, with first production targeted in less than two years. Eni CEO Claudio Descalzi discussed the development plans with Egyptian President Abdel Fattah el-Sisi on Tuesday as the company outlined its latest upstream investments and exploration program in the country. Denise West, discovered in April in the Temsah Concession in the Eastern Mediterranean, is estimated to contain around 2 trillion cubic feet of gas and 130 million barrels of condensate in place. The discovery sits less than 10 kilometers from existing infrastructure, giving Eni the option of a relatively rapid and infrastructure-led development. Eni is working with bp and the Egyptian General Petroleum Corporation on the project, operating the Denise Development Lease with a 50% contractor working interest, with bp holding the other 50%. Operations are conducted through Petrobel, the joint venture between Eni and EGPC. The project forms part of a broader Eni drilling and exploration campaign in Egypt that began in October 2025, which has lifted production from its offshore Sinai fields by 50% and yielded additional discoveries in the offshore Nile Delta and Western Desert. Eni said it remains Egypt's largest oil and gas producer, with equity production of roughly 242,000 barrels of oil equivalent per day in 2025. The renewed investment comes as Eni seeks to make greater use of Egypt's existing gas infrastructure while developing both domestic resources and discoveries elsewhere in the Eastern Mediterranean, including the Cronos project offshore Cyprus, which reached a final investment decision in July and holds more than 3 Tcf of gas in place, with first gas targeted for 2028.
FTSE closes up 0.3% on government plan to invest 10 billion pounds in affordable housing
British stocks closed higher on Tuesday, with the FTSE 100 index ending at 10,886.16 points, up 31.84 points or 0.29%, supported by the UK government's announcement of a 10 billion pound ($13.6 billion) plan to build affordable housing for renters, particularly in London. About 60% of the homes built with government funds will be social housing, which lifted homebuilder stocks by 2.5%. Vistry shares surged 16.3% after receiving an initial 350 million pounds ($477.19 million) to build more than 3,000 affordable homes. Meanwhile, mining stocks such as Glencore and Anglo American rose about 2% on higher copper prices, and Melrose Industries jumped 10.4% after setting a target to resume full production at its Garden Grove plant on September 28. Next shares gained 2.4% after Citigroup upgraded its recommendation to "buy." However, BP and Shell shares slipped slightly as oil prices fell more than 3%. Investors are watching Nvidia's earnings on Wednesday and comments from Federal Reserve Chair Kevin Warsh at the Jackson Hole meeting on Friday.
BP Boosts Europe Jet Fuel Supply and Venezuela Oil Trading
BP is increasing jet fuel deliveries to key European hubs and expanding its trading in Venezuelan oil amid Middle East supply disruptions linked to US strikes on Iran. The company is rerouting aviation fuel to maintain flight operations while stepping up Venezuelan crude trading alongside major commodity traders such as Trafigura and Vitol. BP has a market cap of £85.3 billion and operates across oil, gas, refining, trading, and logistics. The moves highlight BP's role in regional energy security and its growing presence in shifting crude and products trade flows.
BP Re-enters Venezuela with 400,000-Barrel Fuel Oil Load
BP has re-entered Venezuela by loading 400,000 barrels of heavy fuel oil from PDVSA and joining partners on the second phase of the Loran gasfield, giving the stock fresh emerging market exposure. The move comes as BP shares trade at £5.522, with a 1-day share price return of 2.39% and a year-to-date share price return of 26.10%. The 5-year total shareholder return of 138.67% points to strong long-term compounding. BP now trades at a discount to both analyst targets and some fair value estimates, even after the Venezuela move has added fresh risk and opportunity. The most followed narrative puts BP's fair value at £5.94, slightly above the last close at £5.52, which frames today's Venezuela news against a modest valuation gap. However, there are clear risks to the BP narrative, including recent $1.2b impairments and uncertainty around divestments like Castrol that could disrupt cash flows.
Emerson Electric and BP Make Headlines After Shah Deniz Contract Award
Emerson Electric Co. and BP p.l.c. made headlines together on August 13 after BP awarded Emerson a multi-million-dollar contract to supply integrated control and safety systems for its $2.9 billion Shah Deniz Compression project in the Caspian Sea. The electrically powered, normally unattended offshore platform will operate remotely from BP's Sangachal terminal and use four 11MW compressors to access low-pressure gas reserves. Emerson's Q3 fiscal 2026 results showed net sales up 7% year-over-year to $4.87 billion, adjusted segment EBITA margin of 28.5%, and free cash flow up 36% to $1.32 billion, prompting management to raise full-year EPS guidance to about $4.89. BP's Q2 2026 results included operating cash flow of $10.9 billion, underlying replacement cost profit of $5.7 billion, a $3 billion reduction in net debt to $22.3 billion, and a 4% dividend increase, though management acknowledged refinery outages and lagging cost-reduction targets. On August 14, Bernstein analyst Varun Govindaraj raised Emerson's price target to $186 from $169 while maintaining an Outperform rating, and BP, along with UAE-based XRG and UCC Oil and Gas, secured an exploration and production license for Venezuela's offshore Loran gas field holding 4 trillion cubic feet of recoverable gas.
BP Returns to Venezuela with Oil Cargo and Gas Project
BP has become the latest foreign company to enter the Venezuelan oil trade, loading 400,000 barrels of heavy fuel oil from state-owned PDVSA aboard the tanker Monte Lema. The move places BP among a select group including Trafigura and Vitol with direct access to Venezuelan oil. BP also recently partnered with two other firms to develop the second phase of the Loran gasfield, one of the first large-scale foreign investments in Venezuela since Nicolás Maduro's ouster earlier this year. The consortium has secured the official exploration and production license, though the project remains in the pre-FID phase. Venezuela holds the world's largest proven crude oil reserves, about 17% of the global total, but nationalized major heavy oil projects in 2007.
Exxon and Chevron profits more than double on Iran war oil spike
Exxon Mobil and Chevron more than doubled their year-ago profits in the second quarter, combining for $26.6 billion as the closure of the Strait of Hormuz spiked crude prices. Exxon reported $14.5 billion in profit, up from $7.1 billion a year earlier, while Chevron reported $12.1 billion, up from $3.1 billion. Gas prices have surged from under $3 to $4.06 a gallon since the Iran war began, and President Trump threatening to bomb mediator Oman risks driving them higher. Both companies' integrated models capture profits from well to pump, but a Hormuz peace deal could collapse the windfall almost overnight.
Chevron Boosts Venezuela Oil Output to 250,000 bpd, Eyes 420,000 by 2028
Chevron has increased its oil production in Venezuela from 40,000 barrels per day to 250,000 barrels per day over the past few years, and based solely on its three current joint ventures in the country, output has risen 12% year on year to 280,000 barrels per day over the past six months. The U.S. supermajor expects production across Venezuela to rise by 50% between now and the end of 2028, bringing the total to 420,000 barrels per day. Venezuela still holds the world's largest proven crude reserves at roughly 303 billion barrels, about 17% of the global total, and of its 14 supergiant oil fields, 11 retain more than half of their original reserves. Back in the early 2000s, Venezuela's crude production was running at over 3 million barrels per day, while July saw average crude oil production by PDVSA and its foreign partners increase by 20,000 barrels per day to 1.21 million barrels per day. Spain's Repsol is targeting a tripling of production in the next two or three years, and BP has secured an official license to explore and develop Phase 2 of the offshore Loran gas field, which contains an estimated 4 trillion cubic feet of recoverable natural gas.
BP has released confidential sale documents for its £2.5bn North Sea oil and gas portfolio, formally sounding out buyers as it seeks a rapid exit after 60 years. The company is seeking a single cash purchaser for its whole portfolio, which comprises five production hubs off the coast of Scotland, including the Clair and Schiehallion fields west of Shetland with an estimated eight billion barrels of oil. Analysts at Rystad identify Neo Next+, Adura, and Ithaca Energy as the most likely purchasers, with Neo Next+ widely seen as the leading candidate after recently buying out BP's share of the Culzean gas field. Smaller independents such as Serica Energy and Enquest are also interested but may struggle to fund the entire portfolio and could push for a break-up.
BP Returns to Venezuela as Operator of Loran Phase 2 Gas Project
BP has agreed to return to Venezuela as operator of the offshore Loran Phase 2 gas project, partnering with XRG and UCC. The move follows recent energy reforms in Venezuela and a relaxation of US sanctions that had limited foreign participation in the sector. BP's role in Loran Phase 2 marks a fresh opening for international capital and technical expertise in Venezuelan offshore gas. The project sits alongside other upstream work such as the Shah Deniz Compression project in Azerbaijan, reinforcing BP's refocus on upstream production and portfolio simplification. Key milestones now are final regulatory approvals and how BP folds the project into its 2026 and 2027 upstream production guidance of 2,180 to 2,270 mboe/d.
BP and Shell both posted big profit jumps this quarter, mainly due to the same Iran-war-driven surge in oil and gas prices. BP's profit more than doubled to $5.73 billion, beating the $5.11 billion analysts expected, while Shell's adjusted earnings came in at $9.84 billion, beating the $8.92 billion estimate and marking its best quarter since 2022. BP raised its dividend 4% and cut net debt to $22.25 billion from $25.3 billion, while Shell maintained its 19th consecutive buyback of at least $3 billion and cut net debt to $41.75 billion from $52.6 billion. BP CEO Meg O'Neill admitted the company has not delivered consistently and is pushing an aggressive turnaround, while Shell CEO Wael Sawan said the firm is designed to thrive through volatility. Hedge fund data shows BP had 49 holders as of Q1 2026, down from 51, while Shell had 45 holders, up from 43.
BP reports $5.7 billion Q2 profit, raises dividend 4% and accelerates debt reduction
BP posted underlying replacement cost profit of $5.7 billion for the second quarter of 2026, a $2.5 billion increase from the first quarter, driven by higher price realizations and strong trading performance. Operating cash flow reached $10.9 billion, including a $1 billion working capital build and $1 billion in interest payments. Upstream production fell 6% to 2.2 million barrels of oil equivalent per day due to scheduled maintenance in the Gulf of America, Middle East disruptions, and operational issues in the North Sea and Indonesia. Refining throughput declined 4% to 1.5 million barrels per day on higher planned turnaround activity. Net debt dropped by $3.1 billion to $22.3 billion, and total financial obligations, including hybrids and Gulf of America settlement liabilities, fell by approximately $7 billion. The company announced a 4% increase in the dividend per share and revised full-year capital expenditure guidance to $13.5 billion to $14 billion, reflecting a decision to delay asset farm-downs to maximize value. Full-year divestment proceeds are now expected to be $8 billion to $9 billion, including the completed sale of the Gelsenkirchen refinery. Management also disclosed plans to market the U.S. renewable natural gas business Archaea Energy and launched a process to sell the North Sea portfolio as part of a simplification strategy. CEO Marguerite O'Neill set five priorities to improve performance, including strengthening the balance sheet, simplifying the portfolio, investing with discipline, driving cost efficiency, and fostering a culture of accountability.
BP Shares Rise 2.1% After Profit More Than Doubles
BP's U.S.-listed shares jumped roughly 2.1% after the company reported underlying replacement-cost profit surged to $5.7 billion, more than double the $2.35 billion earned a year ago. The dividend is going up 4%, while net debt fell by roughly $3 billion in a single quarter. Chief Executive Meg O'Neill is pushing a divestment push targeting $20 billion through 2027, with the U.S. biogas operation Archaea heading for the exit. The stock trades about 8.4% above its $39.34 GF Value estimate at $42.66.
BP, SoftBank, and HSBC lead a week of major global corporate developments
Global markets rose this week as US stock indexes gained on strong tech earnings and a Treasury rebound, while geopolitical tensions pushed crude oil toward $78 per barrel. The S&P 500 added 3%, the Nasdaq rose 3.9%, and the Dow gained 1.8%. In Europe, the STOXX index ended 1.2% higher, with Germany's DAX up 1.8% and France's CAC up 1.5%. Among major corporate news, BP agreed to acquire Woodside Energy's 70% stake in the Calypso natural gas project offshore Trinidad and Tobago, boosting its interest to 100%, and beat second-quarter estimates. SoftBank Group reported stronger-than-expected earnings, HSBC posted solid first-half results and a $1 billion buyback, and Novo Nordisk raised its full-year outlook for the second time this year. In Asia, China's trade surplus widened to $112.5 billion, while Japan conducted a rare coordinated yen-buying operation with the US Treasury.
Klesch Group becomes Germany's second-largest oil refiner after BP deal
Klesch Group has become Germany's second-largest oil refiner after acquiring BP's Gelsenkirchen facility. The Malta-based group also becomes the largest shareholder in one of Germany's main crude oil pipeline networks. The Gelsenkirchen refinery processes roughly 265,000 barrels per day and supplies fuel for road transport, aviation, and shipping, as well as feedstock for the regional chemicals industry. BP expects the sale to reduce its annual operating costs by as much as $1 billion. Germany's government reviewed the buyer and attached conditions, including measures to protect energy security and maintain long-term deliveries to critical infrastructure, with Berlin retaining the right to monitor operations and revoke permission if conditions are breached.
BP to take full control of Trinidad’s Calypso gas project
BP has agreed to acquire Woodside Energy’s 70% stake in the Calypso gas project offshore Trinidad and Tobago, giving it 100% ownership and operatorship of the early-stage deepwater development. The deal covers Block TTDAA 14 and is expected to close by the end of 2026, subject to government and regulatory approvals. No purchase price or development timetable was disclosed. BP is already the largest supplier of natural gas to Trinidad and Tobago’s domestic market and holds a 45% interest in the Atlantic LNG facility, and the company said the acquisition could unlock new production by building on its existing operations and infrastructure.
BP puts North Sea oil and gas business up for sale after 60 years
BP has put its long-standing North Sea oil and gas business up for sale after more than 60 years in the region. The decision was announced alongside fresh second-quarter results, updated production guidance, and a higher interim dividend. BP's shares have returned 18.68% year to date and 28.73% over the past year, though the stock still trades below the average analyst target and some intrinsic value estimates. A widely followed narrative places fair value at £5.94, compared with a last close of £5.20, suggesting the shares are undervalued. However, BP trades on a price-to-earnings ratio of 19.9 times, above the peer average of 10.6 times and the wider European oil and gas group average of 14.1 times, raising questions about whether the share price already reflects much of the positive news.
Big oil companies post banner profits as Iran conflict drives prices higher
Big oil companies continue to post massive profits as fighting in Iran disrupts energy markets and sends oil and gasoline prices sharply higher. Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year, while BP's second-quarter profits more than doubled to $3.9 billion. Saudi Aramco reported a 44% year-on-year increase in second-quarter net profit to $32.69 billion, driven by higher crude oil, refined products, and chemicals prices. In the U.S., Exxon Mobil's second-quarter profits doubled to $14.5 billion on revenue of $116 billion, up 42%, and Chevron nearly quadrupled its profits to $12 billion with revenue jumping 56% to more than $70 billion. President Donald Trump criticized Chevron and Exxon Mobil for their outsized profits, saying they made too much money and should cut retail prices. Oil prices fell sharply on Tuesday, with U.S. crude dropping 5.4% to $75.98 per barrel and Brent crude falling 4.9% to $83.87 per barrel, after Treasury Secretary Scott Bessent said the U.S. and Iran may have a deal to open the Strait of Hormuz.
Oil Extends Losses After US, Qatar Signal Progress on Iran Draft Deal
Brent crude fell back to around $80 per barrel after renewed optimism over a potential US-Iran draft agreement eased geopolitical fears, even as President Trump criticized US refiners for high fuel profits. Comments from US Treasury Secretary Scott Bessent and Qatar's Foreign Ministry about a draft agreement being drafted buoyed hopes for a diplomatic resolution to the US-Iran conflict. Trump accused ExxonMobil and Chevron of making too much money and told them to give some of that money back to the public, while the 3-2-1 spread has doubled since early March to $60 per barrel. The average US gasoline pump price has dipped to $4.08 per gallon as of August 4, up 30% from a year ago. Separately, Shell agreed to sell its European onshore renewables portfolio to TotalEnergies, BP completed the divestment of its Gelsenkirchen refinery in Germany, and SOCAR bought out Itochu's 3.65% operating interest in the Azeri-Chirag-Guneshli offshore field.
BP more than doubled its second-quarter profit from a year earlier, reporting an underlying replacement cost profit of $5.7 billion. The result, up from $3.2 billion in the previous quarter and $2.35 billion in the same period of 2025, beat the average analyst consensus of $5 billion. The company attributed the surge to higher oil and gas prices, stronger refining margins, and significantly higher oil trading profits amid extreme market volatility. CEO Meg O'Neill said BP needs to simplify the business and focus on the most profitable assets to create shareholder value.
BP net profit more than doubles to $3.91 billion on Middle East war disruption
BP said Tuesday that its net profit more than doubled in the second quarter to $3.91 billion, up from $1.62 billion a year earlier, as the Middle East war roiled oil and gas markets. Total revenue increased 47 percent to $70 billion, while a core profit measure that strips out certain items more than doubled to $5.7 billion, outperforming expectations. The five biggest Western energy majors—BP, Chevron, ExxonMobil, Shell and TotalEnergies—reported combined net profits of almost $47 billion in the quarter. BP also raised its quarterly dividend by four percent and announced plans to sell its North Sea business and its US biogas business Archaea.
BP's Q2 net profit more than doubles to $5.73 billion, raises capex guidance
British energy major BP reported second-quarter results, with underlying replacement cost profit, equivalent to net profit, more than doubling from a year earlier to $5.73 billion, beating analyst forecasts of $5.11 billion. Higher oil and gas prices and wider refining margins contributed, and the quarterly dividend was raised 4% to $0.0866 per share. The 2026 capital expenditure plan has been revised up to $13.5 billion to $14 billion, from the previous $13 billion to $13.5 billion. CEO Meg O'Neill outlined five priorities including strengthening the balance sheet and tightening investment discipline, while the company is cutting renewable energy investments and has begun the sale process for its US biogas business Archaea.
BP posts strongest quarterly profit in four years and plans to sell US biogas unit Archaea
BP reported its strongest quarterly profit in four years, with underlying replacement cost profit surging about 78% to 5.7 billion US dollars for the second quarter of 2026, driven by volatile energy prices during the Iran war. The FTSE 100 company also revealed plans to sell off its US renewable natural gas business Archaea as part of a strategy overhaul under new boss Meg O'Neill, who said the firm is taking urgent action to create more value for shareholders. The profit jump beat analyst expectations and followed similar gains at rivals Shell and ExxonMobil, while campaigners accused BP of profiteering from a climate crisis. BP is also putting its UK North Sea business up for sale and seeking cost efficiencies to boost profitability.
BP boss says North Sea is not competitive as profits more than double
BP chief executive Meg O'Neill declared the North Sea is not competitive, justifying the company's decision to sell its assets in the basin. She told CNBC that when looking at how it fits into BP's portfolio, it just doesn't compete for capital. The comments came as BP more than doubled its profits in the first half of the year, with underlying replacement cost profit surging 139 percent to 8.9 billion dollars. The company put its North Sea business up for sale last week, potentially ending six decades of production there, and cited Labour's windfall tax raid as part of its ongoing portfolio review. The Scottish government and First Minister John Swinney have called for the tax to be scrapped, while Donald Trump warned that Britain was a bankrupt country and urged the UK to reopen the North Sea.
BP raises quarterly dividend by 4.1% to $0.5196 per ADS
BP p.l.c. has declared a quarterly dividend of $0.5196 per ADS, a 4.1% increase from the prior dividend of $0.4992. The dividend is payable on September 18 to shareholders of record as of August 14, with the ex-dividend date also on August 14. The forward yield is 4.7%.
BP Posts Strongest Profit in Over Four Years on Refining and Trading Boom
BP Plc posted its strongest quarterly profit in more than four years as its refining and trading businesses boomed during the Iran war. Adjusted net income more than doubled from a year earlier to $5.73 billion in the second quarter, beating the $5.01 billion average analyst estimate compiled by Bloomberg. The conflict in the Middle East provided global energy merchants and producers with opportunities to profit from massive trade dislocations, while bigger jumps in fuel costs than in crude prices boosted refining margins. Peers from Shell Plc to ExxonMobil Holdings Corp. also reported bumper earnings largely due to the market upheaval. The result gives Chief Executive Officer Meg O'Neill momentum as she presses ahead with an overhaul of the UK energy giant centered on cutting costs, selling assets, and repairing the balance sheet.
Scottish first minister urges Labour to scrap windfall tax to prevent BP North Sea exit
Scottish First Minister John Swinney called on Monday for the UK government to scrap the Energy Profit Levy, the windfall tax blamed for BP's plan to exit the North Sea after 60 years. Swinney held an emergency meeting with senior energy bosses and the Aberdeen and Grampian Chamber of Commerce to discuss the fallout from BP's decision to sell its remaining assets in the region, which threatens 1,100 jobs. He described the tax regime as destructive and urged the new Prime Minister to end the EPL and adopt a sensible tax framework to protect workers in Scotland and the North East. BP, which operates five hubs and produces just under 100,000 barrels of oil and gas a day, announced the sale on Friday, marking a reversal from its chief executive's earlier view that the region had untapped potential. The EPL subjects North Sea operators to a headline tax rate of 78% on profits and was originally introduced by the Conservatives before being increased and extended under Labour.
Saudi Arabia Seeks Maritime Coalition as Oil Finds Support Near $90
Saudi Arabia is organizing an international maritime coalition to safeguard Red Sea shipping from Houthi attacks, joined by 13 other countries, with Riyadh hosting the alliance's headquarters. Brent crude is set for an 8% weekly loss but remains near $90 a barrel as disruptions in the Strait of Hormuz and the Red Sea continue to support prices. The IRGC claims to have turned around several tankers in the Strait of Hormuz, while Tehran rejected Oman's proposal for joint regional management of the waterway and no new US-Iran talks are on the agenda. BP has formally launched a process to sell its UK North Sea oil and gas business, citing high taxes and a worsening investment climate. Other developments include a drone attack on Egypt's Damietta port that caused a fire on two gas vessels, the Caspian Pipeline Consortium suspending loadings at its Black Sea terminal after drone strikes, and critically low Rhine River levels disrupting European fuel transportation.
BP has placed its North Sea oil and gas business up for sale as part of a portfolio review under new chief executive Meg O'Neill. The UK-based firm operates five major production hubs including the Clair oil field and employs around 1,100 workers in the region, which accounted for 5% of its total oil output last year. The decision comes as the government under Andy Burnham signals greater willingness to allow new drilling licences amid energy security concerns, with Burnham stating he told Donald Trump he would take a pragmatic approach to North Sea resources. A sale would end 60 years of BP involvement in the North Sea, and the company said it believes the business will be better positioned under another owner. BP shares were down 0.7% at the open.
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