BP PLC

Eco (Atlantic) Oil & Gas Ltd. has received final Ministerial approval from Namibia's Minister of Industries, Mines and Energy for the transfer and assignment of a 60% participating interest in all three of its offshore Petroleum Exploration Licenses to BP Namibia Energy Ltd, a wholly owned subsidiary of BP Exploration Operating Company Limited. The approval, received on 1 October 2026, is the final governmental consent required under Section 11 of Namibia's Petroleum (Exploration and Production) Act for the farm-down covering PEL97, PEL99 and PEL100, and the parties are now completing the remaining closing deliverables with completion expected shortly. Under the transaction, Eco will receive a one-time cash consideration of US$2.7 million on completion and retain a 25% participating interest in each of the three licences, while BP will carry 100% of Eco's 25% retained interest plus Eco's proportionate share of the NAMCOR 10% and Local Partners 5% interests during the current exploration phase. The government-approved work program includes completing seismic reprocessing on PEL97 and acquiring at least 3,000km2 of new 3D seismic data on PEL99 and PEL100. If BP and partners elect to enter the Second Renewal Period in 2028 and commit to drilling an exploration well, Eco may exercise a Put Option to transfer an additional 10% interest to BP for a full carry on its remaining 15%, capped at US$21 million net to Eco per well on each licence, with a maximum aggregate carry of US$63 million should all three Put Options be exercised. Eco intends to use the proceeds to fund exploration and appraisal across its Atlantic Margin portfolio and for general working capital.

BP has been assigned a Zacks Rank #1 (Strong Buy), with the Zacks Consensus Estimate for the current year rising 14.2% over the past month to $6.94. The upgrade reflects strong agreement among analysts revising earnings estimates higher, which Zacks says could be a legitimate reason for the stock to soar in the near term. Separately, BP carries an average brokerage recommendation of 1.98 on a scale of 1 to 5, based on actual recommendations from 29 brokerage firms, approximating between Strong Buy and Buy. Of those 29 recommendations, 14 are Strong Buy and four are Buy, accounting for 48.3% and 13.8% of all recommendations respectively. Zacks cautions that the ABR is not necessarily up to date and that brokerage analysts carry a positive bias, while the Zacks Rank is driven by earnings estimate revisions and is applied proportionately across all covered stocks.

BP closed the latest session at $43.52, down 2.05% and trailing the S&P 500's 0.17% decline, while the Dow lost 0.26% and the Nasdaq fell 0.09%. The oil and gas company's stock has gained 3.64% over the past month, outpacing the Oils-Energy sector's 0.04% rise and the S&P 500's 0.24% drop. BP is scheduled to report earnings on October 30, 2026, with analysts expecting $1.8 per share, a 111.76% year-over-year increase, on revenue of $64.37 billion, up 30.7%. For the full year, the Zacks Consensus Estimates project earnings of $6.74 per share and revenue of $232.76 billion, representing changes of +134.03% and +20.88% from the prior year. The consensus EPS projection has moved 10.86% higher over the past 30 days, and BP currently carries a Zacks Rank #3 (Hold), with a Forward P/E of 6.6 versus its industry's average of 8.86.

HSBC upgraded BP and TotalEnergies to Buy from Hold on Friday, raising earnings and cash flow estimates across its global oil coverage after lifting its Brent crude, refining margin, and gas price forecasts. Analysts led by Kim Fustier raised their 2026 Brent assumption to approximately $90 per barrel from $80, and their 2027 forecast to $85 from $65, citing a partial, gradual recovery in Strait of Hormuz flows, while also raising the second-half 2026 TTF gas price forecast to $22.5 per million British thermal units from $16.7 and the 2027 forecast to $17 from $12. The revisions lifted HSBC's 2026-28 earnings-per-share estimates across the sector by averages of 19%, 65% and 33%, respectively, with cash flow per share estimates rising by averages of 12%, 30% and 14%, and the largest revisions falling on international majors given their combined upstream, refining and trading exposure. For BP, HSBC raised its price target to 640 pence from 570 pence, implying nearly 18% upside, and for TotalEnergies it raised its target to €93 from €80, implying 18.4% upside. HSBC retained Buy ratings on Shell, Repsol and Chevron, raising Chevron's price target to $250 from $218 and expecting it to lift its annual buyback run rate to $15 billion from $10-12 billion, while Eni, Equinor, Galp and ExxonMobil stayed at Hold and OMV remained at Reduce.

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 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.

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 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.

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.

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 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.

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.

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 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 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 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 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 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 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 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'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.

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 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 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.

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.

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 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.