LONDON, June 13, 2026, 16:12 (BST) —
- BP shares ended Friday at 534.50p in London, off 1.98%. The FTSE 100 gained 1.63%.
- BP has kicked off efforts to sell minority interests in its Kaskida and Tiber projects in the Gulf of Mexico, Reuters reported.
- BP’s second-quarter earnings and its dividend update come up next on August 4.
BP PLC shares slipped 1.98% to 534.50p on Friday, missing out as the FTSE 100 added 1.63% to close at 10,471.72. The stock lagged as traders reacted to new headlines on asset sales, sliding oil prices and BP’s balance sheet moves.
BP is moving to sell minority stakes in its Kaskida and Tiber projects in the Gulf of Mexico, Reuters reported. Each site is expected to pump about 80,000 barrels of oil a day, with Kaskida slated to begin production in 2029 and Tiber in 2030. BP would not comment, according to Reuters.
BP’s stock is in focus as investors weigh cash returns against future growth. The company could sell stakes to help cover project costs and pay down debt, but it would also lose some potential gains on key U.S. oil assets. BP says Kaskida is set to bring in 80,000 barrels a day in its first phase. Tiber-Guadalupe is tied to its aim to boost Gulf of Mexico output by 2030.
Oil slid Friday, weighing on BP shares. Brent crude lost 3.4% to $87.33 and WTI gave up 3.2% to $84.88 a barrel. Traders responded to signs the U.S. and Iran might move toward a deal, which knocked down the geopolitical price premium in crude. That has a direct hit on BP, since BP earnings swing hard with oil and gas prices, as well as refining and trading. Cheaper crude can squeeze cash flow at BP even if it takes off some global inflation pressure.
BP is working through a turnaround under CEO Meg O’Neill. O’Neill has pushed for a simpler setup and more focus on higher-return oil and gas. BP posted first-quarter underlying replacement cost profit of $3.2 billion, a number that takes out inventory swings and some one-offs. That was lifted by a strong oil trading result. O’Neill said BP needs to be “a simpler, stronger, more valuable company.” BP is also planning to cut $4.3 billion in perpetual hybrid bond capital to shore up its balance sheet. bp global
BP still has some potential levers, bulls say: asset sales, paying down debt, maybe even bringing back buybacks, along with upstream projects that could keep production stable later this decade. Analysts set a 12-month median target of 617.56p for BP’s London stock, about 15.5% above Friday’s close. Retail data puts the dividend yield near 4.6%, which income-focused investors may like.
BP’s turnaround still faces doubts on governance, swings in oil prices, and shaky execution. Some investors have already asked for better explanations after Albert Manifold was removed as chair. The possible Gulf stake sale hasn’t closed yet. Shares remain under the 52-week high near 609p, so markets aren’t calling BP’s reset a done deal.
BP isn’t outright cheap but screens as selectively interesting based on today’s data. Analyst targets and the dividend yield back up the bulls, yet the stock still dropped even as the FTSE 100 moved higher, pointing to nerves over oil prices and BP’s balance sheet. All eyes on August 4 for second-quarter results and the dividend decision. Disposals, net debt, cash flow and possible timing for buyback plans are what investors want to see progress on.
