Live News • May 08
BP CEO Meg O’Neill Drives Major Overhaul With North Sea Review and Earnings Surprise New CEO Meg O’Neill is reshaping BP around a more conventional oil and gas model, targeting up to $5b in cost cuts and $20b of asset sales by 2027, including a possible partial or full exit from the UK North Sea and reduced exposure to UK carbon capture projects.
BP reported Q1 2026 earnings ahead of consensus, supported by strong operational performance and higher production in the Gulf of America and at BPX Energy. The company kept full-year capital expenditure guidance and expects broadly flat upstream production versus 2025.
Bayer and BP agreed a long-term alliance to scale camelina crops in North America under the Newgold brand as a feedstock for lower-carbon intensity fuels, while BP faces legal, political and tax headwinds and confirms interest in selling stakes in two UK CCS projects.
BP is pulling its focus back toward traditional upstream and refining activities, with a clear push to simplify the portfolio and cut costs. The review of the UK North Sea and the intent to sell stakes in Net Zero Teesside Power and the Northern Endurance Partnership underline this shift, at a time when UK windfall taxes and political scrutiny are high. At the same time, the alliance with Bayer on camelina and continued involvement in renewable fuels suggests BP is not walking away from lower-carbon opportunities but is being more selective.
For investors, the mix of an earnings beat, a more conventional oil and gas model and large planned divestments sits alongside risks such as the Kenyan toxic waste lawsuit and sensitivity to oil prices, as seen in the share reaction to reports of progress on a potential US Iran agreement. The balance between cash generation from hydrocarbons, exposure to energy transition projects and legal or regulatory outcomes is likely to be a key focus when you assess BP’s risk and return profile. Announcement • May 04
BP Reportedly Considers Potential Exit from UK North Sea BP p.l.c. (LSE:BP.) is considering potentially exiting part or all of its operations in the UK North Sea, Bloomberg News reported, citing people familiar with the matter, as the energy major seeks to cut debt amid a pivot back to oil and gas. The company is conducting an internal review of its upstream operations in the UK, which could fetch about GBP 2,000 million ($2.72 billion) in a full divestment, according to the report. BP did not immediately respond to a Reuters request for comment. Carol Howle, BP's deputy CEO, is overseeing the energy giant's ongoing portfolio review and strategy development. Last year, the company sold its stake in some of the North Sea assets to Serica Energy in a $232 million deal. Board Change • Apr 30
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO & Director Meg O’Neill was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 28
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.25 (up from US$0.044 in 1Q 2025). Revenue: US$51.8b (up 12% from 1Q 2025). Net income: US$3.84b (up 459% from 1Q 2025). Profit margin: 7.4% (up from 1.5% in 1Q 2025). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 47%. Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Announcement • Apr 20
Legal & General Investment Management Will Vote Against The Re-Election Of Chairman Manifold On April 19, 2026, Legal & General Investment Management (LGIM) announced that it will vote against the re-election of chairman Manifold and oppose BP's plans to cut back on climate reporting. Further, LGIM stated that Manifold an outsider to the oil and gas industry has only been in the job for less than a year. In addition, Glass Lewis an proxy agent advises shareholder’s to oppose Manifold's re-election. Announcement • Apr 15
BP P.L.C. Updates Production Guidance for the First Quarter of 2026 BP p.l.c. updated production guidance for the first quarter of 2026 . For the quarter, the company reported upstream production in the first quarter is expected to be broadly flat compared to the fourth quarter 2025 (2,344 mboe/d). Within this, gas & low carbon energy is expected to be slightly higher compared to the fourth quarter 2025 (788 mboe/d). Oil production & operations is expected to be slightly lower compared to the fourth quarter 2025 (1,555 mboe/d) including price impacts on PSA and TSC entitlement volumes. Major Estimate Revision • Apr 14
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from US$0.693 to US$0.775. Revenue forecast steady at US$214.1b. Net income forecast to grow 20,210% next year vs 34% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target up from UK£5.58 to UK£5.83. Share price fell 5.4% to UK£5.65 over the past week. Major Estimate Revision • Apr 07
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$196.6b to US$212.8b. EPS estimate increased from US$0.557 to US$0.692 per share. Net income forecast to grow 17,903% next year vs 34% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target up from UK£5.30 to UK£5.69. Share price was steady at UK£5.91 over the past week. Major Estimate Revision • Mar 30
Consensus revenue estimates increase by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$178.7b to US$196.6b. EPS estimate unchanged from US$0.56 at last update. Oil and Gas industry in the United Kingdom expected to see average net income growth of 43% next year. Consensus price target up from UK£5.12 to UK£5.32. Share price rose 12% to UK£6.02 over the past week. Major Estimate Revision • Mar 18
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2026 has been updated. 2026 consensus EPS increased from US$0.457 to US$0.529. Revenues were reaffirmed at US$175.6b. Net income forecast to grow 13,454% next year vs 30% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target broadly unchanged at UK£4.97. Share price rose 8.1% to UK£5.56 over the past week. Major Estimate Revision • Mar 13
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 consensus EPS increased from US$0.44 to US$0.496. Revenues were reaffirmed at US$175.6b. Net income forecast to grow 13,454% next year vs 30% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target broadly unchanged at UK£4.99. Share price rose 7.1% to UK£5.34 over the past week. Announcement • Mar 06
BP p.l.c. Announces Directorate Retirements, Effective April 23, 2026 BP p.l.c. announced that after nine years' service as a non-executive director, Melody Meyer will be retiring from the board at the conclusion of the 2026 annual general meeting (AGM) of the Company on April 23, 2026. Karen Richardson and Simon Henry, both non-executive directors, have also advised the board that they will not be seeking election or re-election by shareholders at the AGM. They will therefore step down from the board at the conclusion of the AGM. Declared Dividend • Feb 12
Fourth quarter dividend of US$0.083 announced Shareholders will receive a dividend of US$0.083. Ex-date: 19th February 2026 Payment date: 27th March 2026 Dividend yield will be 5.8%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 95x earnings). However, it is well covered by cash flows (45% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 10,472% to bring the payout ratio under control. EPS is expected to grow by 114% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Feb 12
MVM Energetika Zártköruen Muködo Részvénytársaság acquired 10% stake in Shafag (jabrayil) Solar Limited from BP p.l.c. (LSE:BP.). MVM Energetika Zártköruen Muködo Részvénytársaság acquired 10% stake in Shafag (jabrayil) Solar Limited from BP p.l.c. (LSE:BP.) on February 11, 2026. The ownership of Shafag (jabrayil) Solar Limited following the deal is BP p.l.c. - 40.01%, SOCAR Green - 39.99%, Azerbaijan Business Development Fund (ABDF) - 10% and MVM - 10%.
MVM Energetika Zártköruen Muködo Részvénytársaság completed the acquisition of 10% stake in Shafag (jabrayil) Solar Limited from BP p.l.c. (LSE:BP.) on February 11, 2026. Reported Earnings • Feb 11
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: US$0.003 (down from US$0.024 in FY 2024). Revenue: US$187.6b (flat on FY 2024). Net income: US$54.0m (down 86% from FY 2024). Profit margin: 0% (down from 0.2% in FY 2024). Combined production Oil equivalent production: 830.011 MMboe (846.558 MMboe in FY 2024) Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 99%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • Jan 21
BP p.l.c., Annual General Meeting, Apr 01, 2026 BP p.l.c., Annual General Meeting, Apr 01, 2026. Major Estimate Revision • Jan 17
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from US$0.405 to US$0.463. Revenue forecast steady at US$186.6b. Net income forecast to grow 333% next year vs 16% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target broadly unchanged at UK£4.78. Share price rose 3.4% to UK£4.40 over the past week. Announcement • Jan 14
BP P.L.C. Updates Production Guidance for the Fourth Quarter of 2025 BP P.L.C. updated production guidance for the fourth quarter of 2025. For the quarter, Reported upstream production in the fourth quarter is expected to be broadly flat compared to the prior quarter, with production broadly flat in oil production & operations and lower in gas & low carbon energy. Announcement • Dec 19
Bp P.L.C. Announces Murray Auchincloss Steps Down as Director of the Board, Effective 18 December, 2025 BP p.l.c. announced that Murray Auchincloss has decided to step down from his position as director of the Board, effective 18 December. Murray will serve in an advisory role until December 2026 to ensure a smooth transition. Announcement • Dec 18
BP p.l.c Announces CEO Changes BP p.l.c announced that the bp Board has appointed Meg O’Neill as bp’s next chief executive officer (“CEO”), effective 1 April 2026. Murray Auchincloss has decided to step down from his position as CEO, effective 18 December. Carol Howle, current executive vice president, supply, trading & shipping of bp, will serve as interim CEO until Meg joins as CEO. Murray will serve in an advisory role until December 2026 to ensure a smooth transition. Meg currently serves as CEO of Woodside Energy. Since her appointment as CEO in 2021, Meg O’Neill has grown Woodside Energy into the largest energy company listed on the Australian Securities Exchange. Among her many accomplishments at Woodside Energy, she oversaw the transformative acquisition of BHP Petroleum International, creating a geographically diverse business with a portfolio of high-quality oil and gas assets. Before joining Woodside Energy in 2018, Meg spent 23 years at ExxonMobil in technical, operational and leadership positions around the world. The appointment of Meg O’Neill follows a search process overseen by a search committee of the Board, assisted by an independent recruitment firm, as part of the Board’s long-term succession planning. Meg O’Neill has served as CEO of Woodside Energy since April of 2021, previously serving as Woodside Energy’s Chief Operations Officer, Executive Vice President Development, and Executive Vice President Development and Marketing. Prior to joining Woodside Energy in 2018, Meg spent 23 years with ExxonMobil in a variety of technical, operational and senior leadership roles in Houston, New Orleans, Indonesia, Canada and Norway, as well as regional and global leadership positions. She is Chair of the Australian oil and gas industry peak body, Australian Energy Producers (AEP), and serves on the boards of the Business Council of Australia and the American Petroleum Institute. Carol Howle has served as executive vice president, supply, trading & shipping at bp since July 2020. Prior to that, Carol ran bp shipping and was the chief operating officer for integrated supply and trading, oil. She has more than 20 years’ experience in the energy industry, many in integrated supply and trading. Her previous roles include chief operating officer for natural gas liquids, regional leader of global oil Europe and finance and head of the group chief executive’s office. Carol is a non-executive board member of the Royal Navy and chair of the Navy Audit and Risk Assurance Committee. Announcement • Dec 12
BP p.l.c. Appoints Dave Hager as Member of the Safety and Sustainability Committee, Effective 10 December 2025 BP p.l.c. announced that Dave Hager has been appointed as a member of the safety and sustainability committee with effect from 10 December 2025. Announcement • Nov 20
BP p.l.c. to Report Q4, 2025 Results on Feb 10, 2026 BP p.l.c. announced that they will report Q4, 2025 results at 7:00 AM, Coordinated Universal Time on Feb 10, 2026 Announcement • Nov 13
BP Reportedly in Talks with Stonepeak over Castrol Sale BP p.l.c. (LSE:BP.) is negotiating with US investment firm Stonepeak (Stonepeak Partners LP) to sell its Castrol lubricants unit, Reuters reported on November 12, 2025 citing sources. The potential deal could fetch around $8 billion, according to market analysts cited by the news agency. It would match BP's broader goal of achieving $20 billion in divestments. The sale process began earlier this year after BP announced a strategic review of the century-old lubricants business. In September, Stonepeak and private equity firm One Rock allegedly submitted bids, though it remains unclear if other parties are still involved or whether a deal will materialize, according to the people. Declared Dividend • Nov 06
Third quarter dividend of US$0.083 announced Shareholders will receive a dividend of US$0.083. Ex-date: 13th November 2025 Payment date: 19th December 2025 Dividend yield will be 5.8%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (338% earnings payout ratio). However, it is well covered by cash flows (48% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 275% to bring the payout ratio under control. EPS is expected to grow by 107% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Nov 05
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: US$0.075 (up from US$0.013 in 3Q 2024). Revenue: US$48.4b (up 2.5% from 3Q 2024). Net income: US$1.16b (up 464% from 3Q 2024). Profit margin: 2.4% (up from 0.4% in 3Q 2024). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 42%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Oct 14
BP p.l.c. Provides Production Guidance for the Third Quarter and Full Year of 2025 BP p.l.c. provided production guidance for the third quarter of 2025. For the quarter, the company expects upstream production in the third quarter is now expected to be higher compared to the prior quarter, with production higher in both oil production & operations, primarily higher gas production in bpx energy, and in gas & low carbon energy.
For the year 2025, the company Reported upstream production to be lower and underlying upstream production to be slightly lower than 2024, of which oil production & operations broadly flat and gas & low carbon energy lower. Declared Dividend • Aug 07
Second quarter dividend of US$0.083 announced Shareholders will receive a dividend of US$0.083. Ex-date: 14th August 2025 Payment date: 19th September 2025 Dividend yield will be 6.3%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 9x earnings). However, it is covered by cash flows (60% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 916% to bring the payout ratio under control. EPS is expected to grow by 130% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 05
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.10 (up from US$0.008 loss in 2Q 2024). Revenue: US$46.2b (down 1.3% from 2Q 2024). Net income: US$1.63b (up US$1.76b from 2Q 2024). Profit margin: 3.5% (up from net loss in 2Q 2024). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Announcement • Aug 04
BP PLC Announces Oil and Gas Discovery at the Bumerangue Prospect in the Deepwater Offshore Brazil BP PLC announced an oil and gas discovery at the Bumerangue prospect in the deepwater offshore Brazil. bp drilled exploration well 1-BP-13-SPS at the Bumerangue block, located in the Santos Basin, 404 kilometres (218 nautical miles) from Rio de Janeiro, in a water depth of 2,372 metres. The well was drilled to a total depth of 5,855 metres. The well intersected the reservoir about 500 metres below the crest of the structure and penetrated an estimated 500 metre gross hydrocarbon column in high-quality pre-salt carbonate reservoir with an areal extent of greater than 300 square kilometres. Results from the rig-site analysis indicate elevated levels of carbon dioxide. bp will now begin laboratory analysis to further characterize the reservoir and fluids discovered, which will provide additional insight into the potential of the Bumerangue block. Further appraisal activities are planned to be undertaken, subject to regulatory approval. bp holds 100% participation in the block with Pre-Sal Petroleo S.A. as the Production Sharing Contract manager. bp secured the block in December 2022 during the 1st Cycle of the Open Acreage of Production Sharing of ANP, on very good commercial terms. Bumerangue is bp's tenth discovery in 2025 to date. bp has already announced oil and gas exploration discoveries at: Beryl and Frangipani in Trinidad, Fayoum 5 and El King in Egypt, Far South in the Gulf of America, Hasheem in Libya and Alto de Cabo Frio Central in Brazil, plus discoveries in Namibia and Angola through Azule Energy, its 50-50 joint venture with Eni. bp plans to grow its global upstream production to 2.3-2.5 million barrels of oil equivalent a day in 2030, with the capacity to increase production out to 2035. Announcement • Jul 24
BP’s Castrol Unit Reportedly Gets One Rock Bid as Most Suitors Drop One Rock Capital Partners, LLC, a US mid-market private equity firm, is one of the few remaining bidders for BP p.l.c. (LSE:BP.)’s Castrol lubricants business, people familiar with the matter said, illustrating the potential challenges for the key asset disposal by the oil major. Several big-name energy companies and financial suitors have dropped out and valuation expectations have slipped, according to the people, who asked not to be identified as the information is private. One Rock is bidding for the entire asset, while Canada Pension Plan Investment Board is only interested in taking a minority stake, the people said. Announcement • Jul 21
Bp P.L.C. Announces Board Changes BP p.l.c. announced that it has appointed Albert Manifold to succeed Helge Lund as chair of the company. He will join the company's board on 1 September as non-executive director and chair-elect, and will take over as chair on 1 October. At that point, Helge Lund will step down as chair and as a director of the bp board. Albert was the Chief Executive Officer of CRH plc from January 2014 until December 2024.Under his leadership CRH strategically reshaped its portfolio and delivered superior growth and performance. He has a strong track record of strategic leadership and operational delivery with a focus on cost efficiency, disciplined capital allocation and cash flow generation. He is also a non-executive director at LyondellBasell, a global chemicals producer, listed on the New York Stock Exchange, and a non-executive director at Mercury Engineering, a leading privately-owned engineering consultancy. Albert is a Certified Public Accountant, a Chartered Accountant, and holds a Master of Business Administration and a Master in Business Studies, both from Dublin City University. He remains a special adviser to the board of CRH and is also an adviser at Clayton Dubilier & Rice. Announcement • Jul 18
Clearlight Energy agreed to acquire BP Wind Energy North America Inc. from BP p.l.c. (LSE:BP.). Clearlight Energy agreed to acquire BP Wind Energy North America Inc. from BP p.l.c. (LSE:BP.) on July 18, 2025. After close, bp Wind Energy will be owned and operated as part of LS Power portfolio company Clearlight Energy, increasing its operating fleet to ~4.3GW.
The deal is expected to conclude by the end of the year and follows a competitive bidding process, subject to regulatory approvals.
Greenberg Traurig, LLP acted as legal advisor for LS Power Development, LLC. Barclays Capital Inc. and Santander US Capital Markets LLC acted as financial advisor for LS Power Development, LLC. Announcement • Jul 11
Bp P.L.C. Updates Production Guidance for the Second Quarter of 2025 BP p.l.c. updated production guidance for the second quarter of 2025. The company reported upstream production in the second quarter is now expected to be higher compared to the prior quarter, with production higher in oil production & operations, primarily in bpx energy, and slightly higher in gas & low carbon energy. In the gas & low carbon energy segment, realizations, compared to the prior quarter, are expected to have an impact in the range of $(0.1) to (0.3) billion, including changes in non-Henry Hub natural gas marker prices. The gas marketing and trading result is expected to be average. In the oil production & operations segment, realizations, compared to the prior quarter, are expected to have an impact in the range of $(0.6) to (0.8) billion, including the production mix effects and the price lags on bp's production in the Gulf of America and the UAE. Announcement • Jul 07
Bp plc Announces Board Changes BP PLC announced the appointment of Simon Henry as a non-executive director to its board, effective September 1, 2025. Simon Henry brings extensive expertise in global finance, strategy, governance, and management, acquired over a 35-year career with Shell, where he held senior finance and management roles internationally and served as chief financial officer and a board member from 2009 to 2017. Simon is currently a non-executive director of Rio Tinto plc and Rio Tinto Limited, with plans to step down from these roles in the second half of 2025. Harbour Energy plc announced earlier that Simon will step down from its board with immediate effect. Within the past five years, Simon resigned as a director from Lloyds Banking Group plc and PetroChina Ltd, in September 2020 and May 2022 respectively. BP also announced that Pamela Daley, a non-executive director, will step down from the BP board for personal reasons, effective July 7, 2025. Announcement • Jul 02
Bp P.L.C. Announces Regional President Changes for Azerbaijan, Georgia and Türkiye, Effect from 1 October 2025 BP p.l.c. announced the appointment of Giovanni Cristofoli as the new regional president for Azerbaijan, Georgia and Türkiye (AGT), with effect from 1 October 2025. Gio will be based in Baku, Azerbaijan, Trend reports. Gio is currently bp senior vice president, solutions, leading a global organization that provides services and solutions to bp's upstream, refining, low carbon energy and non-operated joint venture businesses. Under Gio's leadership, bp has transformed the way it delivers maintenance, reliability, subsea services and more. Gio will succeed Gary Jones, who has successfully led bp's regional business since April 2017. Gary's new role will be the subject of a future announcement. Announcement • Jun 11
Adnoc Reportedly Evaluates Possibility of Buying Some BP Assets Abu Dhabi’s main oil company Abu Dhabi National Oil Company (Adnoc) is evaluating whether it can buy some of BP p.l.c. (LSE:BP.)'s key assets should the embattled British firm decide to break itself up or come under pressure to divest more units, according to people with knowledge of the matter. Abu Dhabi National Oil Co. has been internally studying the prospects for acquiring some BP assets and has held initial consultations with bankers, the people said, asking not to be identified because the discussions are private. It is also considering partnering with another bidder to split some of the assets, they said. Recent Insider Transactions • May 30
CEO & Director recently sold UK£1.2m worth of stock On the 27th of May, Murray Auchincloss sold around 337k shares on-market at roughly UK£3.59 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Murray's only on-market trade for the last 12 months. Announcement • May 05
Shell Reportedly Evaluates Potential Acquisition of BP Shell plc (LSE:SHEL) is working with advisers to evaluate a potential acquisition of BP p.l.c. (LSE:BP.), though it’s waiting for further stock and oil price declines before deciding whether to pursue a bid, according to people familiar with the matter. The oil major has been more seriously discussing the feasibility and merits of a BP takeover with its advisers in recent weeks, the people said, asking not be identified because the information is private. Any final decision will likely depend on whether BP stock continues to slide, the people said. Shares of BP have already lost nearly a third of their value in the last 12 months as a turnaround plan has fallen flat with investors and oil prices tumbled. Shell may also wait for BP to reach out or for another suitor to make a first move, and its current work could help it get prepared for such a scenario, some of the people said. Deliberations are in the early stages and Shell may opt to focus on share buybacks and bolt-on acquisitions rather than a megamerger, they said. Other large energy companies have also been analyzing whether they would want to bid for BP, the people said. “As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification,” a spokesperson for Shell said in an emailed statement. A representative for BP declined to comment. A successful combination of Shell and BP would be one of the oil industry’s largest-ever takeovers, bringing together the iconic British majors in a deal that’s been discussed on and off for decades. The companies were once close rivals — with a similar size, reach and global clout — but their paths have diverged in recent years. Investors are growing impatient. Activist firm Elliott Investment Management has gone public with a 5% holding in BP and is calling on the company to consider more transformative measures. Elliott views BP’s plan as lacking ambition and urgency, and believes it could potentially expose the company to a takeover, Bloomberg News reported in April. Under CEO Wael Sawan, Shell has also been cutting costs, shedding poorly performing renewables units and refocusing on fossil fuels. While Shell’s stock has outpaced that of Chevron Corp. and Exxon Mobil Corp. in recent years, the company’s valuation has yet to match those of its big oil rivals in the US. Sawan told analysts Friday that Shell will “of course” keep looking at inorganic opportunities but will be prudent and “the bar is high.” Any deal would need to add to free cash flow per share in a relatively short period, he said. “I have said in the past that we want to be value hunters. Today, value hunting – in my view – is buying back more Shell” stock, Sawan said on the conference call. He added that “we have to have our own house in order” before looking at sizable acquisitions, and that the company has “more work to do” to reach its full potential despite the progress it’s made over the past couple years. Shell is doing deals where it has the capability to create value, such as with its purchase of liquefied natural gas trader Pavilion Energy Pte, Sawan said. A successful takeover of BP could bolster Shell’s output growth by allowing the company to regain exposure to the US, after it sold its Permian Basin shale assets to ConocoPhillips in 2021. Any transaction would likely dwarf Shell’s 2016 acquisition of BG Group, a deal that was valued at close to $50 billion. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Ian Tyler was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 30
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: US$0.044 (down from US$0.14 in 1Q 2024). Revenue: US$46.5b (down 4.1% from 1Q 2024). Net income: US$687.0m (down 70% from 1Q 2024). Profit margin: 1.5% (down from 4.7% in 1Q 2024). Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) missed analyst estimates by 56%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Apr 29
BP p.l.c. Announces an Interim Dividend, Payable on June 27, 2025 BP p.l.c. bp announced an interim dividend of 8.000 cents per ordinary share which is expected to be paid on 27 June 2025 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 16 May 2025. The ex-dividend date will be 15 May 2025 for ordinary shareholders and 16 May 2025 for ADS holders. The corresponding amount in sterling is due to be announced on 10 June 2025, calculated based on the average of the market exchange rates over three dealing days between 4 June 2025 and 6 June 2025. Holders of ADSs are expected to receive $0.48 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the first quarter 2025 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Announcement • Apr 23
Elliott Management Wants BP to Boost Free Cash Flow to $20 Billion by 2027 On April 22, 2025, Elliott Management Corporation urged BP p.l.c. to increase its free cash flow to $20 billion by 2027 from around $8 billion last year through significant spending cuts and cost reductions. Elliott Management has increased its stake in the Company to just over 5% and has met with more than 20 of the Company's shareholders regarding these demands. Elliott Management stated that it had discussed the need for deeper spending and cost cuts and potential leadership changes with other Company shareholders and wanted the Company to divest its renewable power business. Announcement • Apr 11
BP P.l.c. Provides Production Guidance for the First Quarter and Full Year 2025 BP p.l.c. provided production guidance for the first quarter and full year 2025. Reported upstream production in the first quarter is expected to be lower compared to the prior quarter, with production slightly higher in oil production & operations and lower in gas & low carbon energy including the already announced divestments in Egypt and Trinidad completed towards the end of prior quarter.
For the year 2025, Reported upstream production to be lower and underlying upstream production to be slightly lower than 2024, of which oil production & operations broadly flat and gas & low carbon energy lower. Announcement • Apr 04
BP p.l.c. Announces Helge Lund Informs the Board of His Intention to Step Down as Chair BP p.l.c. announced that the company's board of directors has initiated a succession process to select a new Chair, after Helge Lund informed the board of his intention to step down in due course. The succession process is being led by Dame Amanda Blanc, in her capacity as Senior Independent Director, with support from the wider board. It is intended that the successful candidate will join the board and work together with Helge to ensure an orderly transition ahead of taking on the role of Chair, at which point Helge will step down from the board, most likely during 2026. Whilst this succession process progresses, the board's focus will remain on overseeing management's delivery of the new strategy and this will continue to be their key priority under the new Chair. Announcement • Apr 01
Local Authority Pension Fund Forum Recommends Votes Against BP Chair On March 31, 2025, Local Authority Pension Fund Forum (LAPFF) recommended that shareholders vote against the re-election of BP p.l.c. Chair Helge Lund, BP's annual report, remuneration report and abstain on whether BP CEO Murray Auchincloss should be re-elected. LAPFF stated that proxy advisors Institutional Shareholder Services Inc. (ISS) and Glass Lewis have recommended that shareholders vote in favour of the re-election of the Company's board, management and annual report at the April 17, 2025, annual general meeting. Announcement • Mar 21
Funds managed by Apollo Global Management, Inc. (NYSE:APO) agreed to acquire 25% stake in BP Pipelines (Tanap) Limited from BP p.l.c. (LSE:BP.) for $1 billion. Funds managed by Apollo Global Management, Inc. (NYSE:APO) agreed to acquire 25% stake in BP Pipelines (Tanap) Limited from BP p.l.c. (LSE:BP.) for $1 billion on March 21, 2025. Under the agreement, Apollo funds will purchase the non-controlling shareholding in bp TANAP for a consideration of approximately $1.0 billion. Proceeds arising from this transaction will contribute towards bp’s programme for $20 billion in divestment and other proceeds. bp will remain the controlling shareholder of bp TANAP and retain a long-term commercial and strategic interest, including governance rights.
The transaction is anticipated to close in 2Q 2025, subject to regulatory and TANAP shareholders approvals. Announcement • Mar 14
BP Reportedly Seeks to Sell 50% of Solar Unit to Strategic Partner BP p.l.c. (LSE:BP.) is seeking to sell 50% of its solar unit Lightsource bp (Lightsource bp Renewable Energy Investments Limited) to a strategic partner for cash and a commitment of future investments, with bids due in June, the energy major said in a sales document seen by Reuters. London-listed BP is planning asset sales and partnerships as part of a broader plan to address investor concerns. The energy group wants to cut costs and improve its return on investments to boost its share price and profit. In a document dated March 2025, seen by Reuters, the company said it was seeking a strategic partner for half of the solar company this year, in a cash transaction with a commitment for follow-on investment. Called Project Scala, BP is seeking a strategic partnership with "established leaders with extensive experience" in the renewables industry, according to the document. Governance of the emerging entity would reflect joint control of the assets, BP said in the document. Initial, non-binding offers are due in June and the company will shortlist bidders in July. When asked about the sales document, BP said it intended to bring in a partner for Lightsource bp and launch a sales process in the near future but declined to comment further. Announcement • Feb 27
BP p.l.c. to Report Fiscal Year 2024 Results on Mar 06, 2025 BP p.l.c. announced that they will report fiscal year 2024 results on Mar 06, 2025 Announcement • Feb 26
BP Drops Plans to Lower Oil and Gas Output On February 25, 2025, BP p.l.c. is slated to announce a possible sale of its lubricants unit and drop plans to lower oil and gas output as it begins to shift away from renewable energy amid pressure from Elliott Management Corporation. The Company stated that in a strategy presentation, CEO Murray Auchincloss has pledged to ‘fundamentally reset’ the Company following 5 years of investment in clean energy that left investors displeased with their returns, the authors note. Announcement • Feb 20
BP Reportedly Weighs Sale of Castrol Lubricants Unit Amid Elliott Push BP p.l.c. (LSE:BP.), in which activist investor Elliott Investment Management L.P. has built up a nearly 5% stake, is considering a potential sale of its lubricants business, according to people familiar with the matter. The oil major’s unit, which operates under the Castrol brand, could be worth about $10 billion in a deal, the people said, asking not to be identified as the matter is private. A sale of the business is one of the many options BP is considering to win back investor confidence after years of under performance, the people said. The unit is also among the assets that Elliott has identified for potential disposals, the people said. Declared Dividend • Feb 17
Fourth quarter dividend of US$0.08 announced Shareholders will receive a dividend of US$0.08. Ex-date: 20th February 2025 Payment date: 28th March 2025 Dividend yield will be 5.6%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 13x earnings). However, it is well covered by cash flows (42% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 1,439% to bring the payout ratio under control. EPS is expected to grow by 260% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Feb 15
Elliott Management Reportedly Pushing BP to Sell Assets and Cut Green Spending BP p.l.c. (LSE:BP.) has been ordered to cut spending on renewable energy by its third largest shareholder as pressure grows on the oil giant to boost investor returns. Elliott Management Corporation is said to be pushing BP to make a string of divestments as it emerged the US hedge fund has taken a near 5% stake in the company worth £3.8 billion. It means Elliott, run by the billionaire Paul Singer, is now BP's third biggest investor behind BlackRock and Vanguard, which have stakes of 9% and 5% respectively, the Financial Times reported. A decision to lower investment in green energy such as wind, solar, biofuel and hydrogen would mark a major reversal for BP, which has poured billions of pounds into renewables in recent years in a strategy pursued under Bernard Looney, its former chief executive. A source close to Elliott told the FT: "The time for minor course corrections at BP is long gone. The level of undervaluation [of BP] is profound and the pathway to alleviate that undervaluation is clear and addressable". Elliott Management views BP's investments in its green energy ventures as a poor use of capital that helped contribute to lower return for investors. BP's share price spiked earlier this week after it emerged Elliott had taken a stake in the FTSE 100 oil major, before Murray Auchincloss, its chief executive, promised a "fundamental reset" of company strategy. Elliott and BP were contacted for comment. Reported Earnings • Feb 12
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.023 (down from US$0.88 in FY 2023). Revenue: US$187.4b (down 10% from FY 2023). Net income: US$370.0m (down 98% from FY 2023). Profit margin: 0.2% (down from 7.3% in FY 2023). Combined production Oil equivalent production: 846.193 MMboe (829.403 MMboe in FY 2023) Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 90%. Revenue is expected to fall by 1.0% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 12
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$0.616 to US$0.54 per share. Revenue forecast steady at US$182.3b. Net income forecast to grow 198% next year vs 43% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target broadly unchanged at UK£4.82. Share price rose 9.5% to UK£4.62 over the past week. Announcement • Feb 11
BP p.l.c. Announces Interim Dividend, Payable on 28 March 2025 BP p.l.c. announced an interim dividend of 8.000 cents per ordinary share which is expected to be paid on 28 March 2025 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 21 February 2025. The ex-dividend date will be 20 February 2025 for ordinary shareholders and 21 February 2025 for ADS holders. 
