London, 08:56 GMT, January 22, 2026
- BP snapped up 3.0 million shares on Wednesday as part of its ongoing buyback programme, according to a filing.
- Oil prices slipped Thursday, adding pressure on energy stocks as earnings season approaches.
- Earlier this month, BP moved a sizable chunk of treasury stock into employee schemes, prompting an adjustment in its share capital.
BP snapped up over 3 million shares on Wednesday as part of its ongoing buyback programme, boosting its treasury stock to 751.97 million shares. Following the announcement, shares nudged up around 0.5% in early London trade. https://www.investegate.co.uk/announcement/rns/bp–bp./transaction-in-own-shares/9373392 1
The buyback is significant as BP approaches its fourth-quarter and full-year earnings, with investors focused on cash returns and maintaining balance-sheet discipline. The company’s results are scheduled for Feb. 10, per its investor calendar. 2
Oil prices dipped Thursday after climbing in the previous sessions, injecting fresh volatility into energy stocks. Brent fell 28 cents to $64.96 a barrel by 0749 GMT, while U.S. crude dropped 19 cents to $60.43, Reuters reported. “High crude inventories are limiting further gains in oil prices in an oversupplied market,” said Haitong Futures analyst Yang An. 3
BP revealed earlier this month that it moved 145,012,557 ordinary shares out of treasury for employee share scheme distributions. The company now lists total voting rights at 15,763,911,476. This number is key for shareholders to determine when disclosure of holdings is required under UK regulations. https://www.investegate.co.uk/announcement/rns/bp–bp./total-voting-rights-and-share-capital-/9351210 4
Northwest European gasoline refinery margins climbed roughly 32 cents, hitting $7.98 a barrel on Tuesday. BP was notably active in barge trades for Eurobob E5 and E10, which are European gasoline blends with up to 5% and 10% ethanol content. A TradingView “key facts” summary highlighted BP’s gasoline trading moves as the stock tracked the wider energy sector mood. https://www.lse.co.uk/news/europe-gasolinenaphtha-gasoline-refining-margins-edge-higher-0yq4tl85wf35d8x.html 5
Peer results are sharpening the focus on downstream profits. TotalEnergies said this week it expects fourth-quarter results to remain broadly steady, boosted by stronger refining margins even as weaker oil and LNG prices dragged elsewhere. RBC analyst Biraj Borkhataria noted the company “was able to capture the short term refining strength.” 6
The broader market has been volatile as well. Earlier this week, U.S. President Donald Trump’s tariff threats linked to Greenland shook risk appetite. “Geopolitical tensions have dented sentiment and cooled early-year exuberance,” Laura Cooper, senior macro strategist at Nuveen, told Reuters. 7
Oil’s latest swings are being shaped by fresh supply developments. On Wednesday, Reuters reported that the operator of Kazakhstan’s Tengiz oilfield declared force majeure on crude shipments through the CPC pipeline. At the same time, Venezuelan exports under a U.S. supply deal have been inconsistent. UBS analyst Giovanni Staunovo pointed to a geopolitics-driven “risk-off” mood dampening market sentiment. 8
Buybacks aren’t guaranteed. Last week, BP pointed to $4 billion to $5 billion in impairments, mostly linked to its low-carbon ventures, and signaled that softer oil trading and falling prices would hit fourth-quarter earnings. RBC’s Borkhataria suggested the “next logical step” might be slashing buybacks to zero, aiming to accelerate debt paydown amid a tougher macro environment. 9
BP’s latest filing offers one clear takeaway for investors: the buyback is still underway, despite ongoing shifts in oil prices, fuel margins, and the political landscape rocking the sector.
