LONDON, March 28, 2026, 19:07 GMT
BP’s shares in London finished Friday at 584.10 pence, a 52-week high, lifted by stronger crude prices. The stock edged up 0.17% for the session, notching a new one-year closing peak.
BP heads into April as Meg O’Neill prepares to step in, with the group still sharpening its focus on higher-return oil and gas, slashing costs, and chipping away at debt. The recent refinery sale signals the restructuring push hasn’t slowed.
Oil’s carrying the load right now. Brent crude, the global gauge, climbed 4.2% to close at $112.57 a barrel on Friday—now up 53% since Feb. 27, as traders remain skeptical about any swift resolution to the Iran war. “Longevity rather than headlines”—that’s where investor focus lies, according to StoneX analyst Alex Hodes. Reuters
BP’s U.S. ADR finished up 1.1% at $46.68, extending its streak to four days, but still trailed Exxon Mobil’s 3.36% jump and ENI, which put on 2.07%. Over in London, the FTSE 100 dipped 0.05%. BP hovered close to its high.
Analysts aren’t mincing words—expectations for the sector this quarter just got a lot bigger. Roth Capital Partners’ Leo Mariani called the first quarter “phenomenal” for the majors. Over at Shell, Reuters says analysts have bumped up their net profit forecasts for the period by an average of 15%. Reuters
BP isn’t finished sorting out its balance sheet. The company paused $750 million in quarterly share buybacks after reporting fourth-quarter results, noting net debt dropped to $22 billion from $26 billion. It’s sticking with its 2027 net debt target of $14 billion to $18 billion. But CFO Kate Thomson made it clear: reaching that target doesn’t mean buybacks will just pick up again.
BP keeps cutting. On March 19, the company announced it would offload its Gelsenkirchen refinery to Klesch, bumping up its 2027 cost-reduction target to a range of $6.5 billion to $7.5 billion. Divestments have now topped $11 billion, moving BP closer to its $20 billion aim for 2027.
BP is pushing further into traditional supply. Production and operations chief Gordon Birrell told Reuters this week the company remains “very disciplined” in choosing which projects to move forward, following 12 finds in 2025—among them Brazil’s Bumerangue field, plus new discoveries across Egypt, Namibia, Angola, and the U.S. Gulf. Reuters
The rally isn’t without its pitfalls. Barclays’ base scenario: shipping through the Strait of Hormuz—the critical chokepoint for around 20% of global oil and LNG—returns to normal by early April. That would align, the bank says, with Brent averaging $85 a barrel in 2026. BP, meanwhile, has an April 1 deadline from climate activist group Follow This and its partners to table a shareholder resolution before the April 23 annual meeting or face possible legal action. BP, citing legal advice, maintains the resolution isn’t valid.
