LONDON, Jan 13, 2026, 08:28 GMT — Regular session
- BP shares nudged up in early London trading, with investors digesting new hints on costs following the CEO shake-up.
- Oil hovered close to a two-month peak amid concerns over Iranian supply, boosting energy stocks.
- BP continued its share buyback program with another round of repurchases yesterday.
BP shares (BP.L) inched up roughly 0.3% to 427.7 pence during early trade in London on Tuesday, finding footing following recent management comments on costs and strategy. 1
The stock has returned to focus as BP undergoes a leadership transition, with investors eager to understand what shifts, if any, lie ahead. Meanwhile, oil prices are moving independently, often overshadowing company-specific updates on any given day.
Interim CEO Carol Howle told staff at a recent town hall that the company’s strategy and cost-cutting focus remain unchanged, according to two insiders. Howle stepped in after BP abruptly replaced CEO Murray Auchincloss with Meg O’Neill from Woodside Energy, who is set to start in April. BP aims to slash costs by $4 billion to $5 billion annually by the end of 2027, having already cut $1.7 billion by mid-2025. The company also has a $20 billion divestment plan, with $11 billion in asset sales announced so far. BP highlighted ongoing work on the Manakin-Cocuina gas project between Venezuela and Trinidad and Tobago, which still awaits a U.S. license. BP is scheduled to release full-year results on Feb. 10 and declined to comment. 2
Crude prices got a boost, with Brent climbing roughly 0.7% to hover around $64 a barrel. The uptick reflects growing concerns over potential supply disruptions amid unrest in Iran. ING commodities strategists linked the gains to escalating protests, while Barclays estimates the turmoil has tacked on about $3-$4 a barrel in “geopolitical risk premium”—the extra buffer traders factor in for disruption risks. 3
BP revealed it repurchased 3,126,227 ordinary shares on Jan. 12 under its buyback program announced Nov. 4, 2025. These shares traded on the London Stock Exchange and Cboe UK, with prices between 422.00 pence and 429.10 pence. The volume-weighted average price on the LSE sat around 425.86 pence. 4
In New York, BP’s U.S.-listed American depositary shares (ADS) were last seen trading at $34.41 in after-hours, marking a roughly 0.35% rise from the previous close.
Traders are focused on whether the leadership change sparks bolder strategic shifts or simply brings a steadier hand on costs, debt, and asset sales. BP faces pressure to boost returns, and the incoming CEO steps into a market that remains quick to scrutinize oil majors on capital discipline.
However, the backdrop can change quickly. Should the Iran risk premium ease or forecasts of increased supply grow, oil prices could retreat, dragging energy shares down with them. In that scenario, BP’s stock would likely react more to its upcoming company data than to crude oil movements.
