London, June 11, 2026, 13:02 BST
- BP shares traded at 544.32p, up 0.71% as of 13:02 BST. The stock rose 2.12% on Wednesday, beating the FTSE 100.
- Brent crude pulled back from gains earlier, but energy stocks stayed active as traders watched Strait of Hormuz tensions.
- BP’s split into upstream and downstream units on July 1 has investors looking at how higher oil prices fit in.
BP p.l.c. inched up in London trading on Thursday, with shares at 544.32p, up 0.71% by 13:02 BST. The session ranged from 540.10p to 546.30p. Investors are still seeking oil exposure despite crude prices easing from earlier highs. BP is pitching its latest reset to the market, hoping it can deliver steadier cash returns from oil, refining, and trading swings.
BP kept up its run from Wednesday. AJ Bell said BP put up a 2.12% total return on June 10, while the FTSE 100 rose 0.27%. Shares are still trading under the 609.40p high for the year, which signals investors aren’t sold on the bounce as a full turnaround.
BP drew focus from traders as oil prices gave up early gains. Brent crude, the global oil benchmark, slipped 53 cents to $92.57 a barrel by 0941 GMT. It had added more than $2 at one point, according to Reuters. Prices swung after Tehran said the Strait of Hormuz was shut, but commercial ships were still moving and U.S.-Iran talks had picked up, the report said.
BP’s mix of businesses can help or hurt when crude prices move. Higher oil prices tend to boost earnings from oil and gas, but a sharp move can hit demand, push up inflation, or squeeze refining margins. First-quarter results showed the impact, with BP’s underlying replacement cost profit up to $3.2 billion from $1.5 billion in the prior quarter. Gains came from strong oil trading and better midstream.
Company moves are in focus. BP this week named Gordon Birrell to run upstream, taking charge of oil and gas exploration and production. Richard Harding steps in as interim head of downstream, which handles refining, pipelines, mobility, convenience, aviation, biofuels, hydrogen and Castrol lubricants. Reuters reported BP’s new operating structure will start July 1. External financial reporting is set to follow the new format from January 1, 2027.
Investors get a cleaner look at BP’s numbers. Gas and power trading profits will now be booked under upstream, with oil and products trading going to downstream. BP says this split will help show what’s producing cash and what’s using capital.
Chief Executive Meg O’Neill called the plan in April a way of “simplifying how we work, unlocking growth and driving improved returns.” That message has new urgency as the company puts restructuring out front while crude markets face pressure from war risk, shipping worries and central-bank questions. bp global
BP is still under strain from its balance sheet. Net debt hit $25.3 billion at the end of the first quarter, up from $22.2 billion after the fourth quarter of 2025. The company stuck to its target to get net debt down to $14 billion to $18 billion by the end of 2027 and kept the 2026 capital expenditure plan unchanged at $13 billion to $13.5 billion.
FTSE 100 rises 0.6% as energy and mining stocks gain The broader market was a factor but didn’t tell the whole story. Reuters reported London’s FTSE 100 was up 0.6% at 10,316.05 by 0917 GMT, mainly lifted by financials. Risk appetite stayed limited with Middle East tensions in focus. Sector-wise, energy and mining names led European gains, getting a boost from still-high crude prices.
Thursday’s move in oil isn’t without risk. BP and other big energy names could lose their price boost if diplomacy moves forward or China’s fuel demand keeps lagging. Reuters said slower gasoline and diesel demand in China was already checking gains, and U.S. military officials said commercial ships were still using the Strait of Hormuz.
BP is also facing questions on governance. Reuters said this week that large shareholders and ex-executives, citing the Financial Times, want more information on why former chair Albert Manifold left in May. Manifold has denied any misconduct, but BP isn’t giving out full details, saying it needs to protect staff. For investors being asked to back a new strategy, the lack of detail is a concern.
BP’s July 1 restructuring is up next, and investors want to see if the company can turn high oil prices, trading wins and cost controls into steady cash flow. If tensions in Hormuz settle down before BP can show that, the stock will need to deliver on operations.
