London, February 7, 2026, 08:32 (GMT) — The market is shut.
- BP shares finished Friday up, hovering near a one-year high ahead of next week’s results.
- The latest filing revealed the company was still snapping up its own shares right up until the bell.
- Oil ticked higher as geopolitical tensions flared, yet the crude market’s direction looks unsettled ahead of earnings.
BP shares finished Friday up 1.9% at 478 pence, landing just shy of their 52-week peak. The rally put BP ahead of the FTSE 100, even as trading volume lagged the 50-day average. The oil major heads into a busy stretch for earnings and payout calls. MarketWatch
London trading is quiet this weekend, but BP’s fourth-quarter and full-year 2025 numbers are on deck for release Tuesday at 0700 GMT. Investors will be watching not just for profit figures—dividend news and potential updates on share buybacks are just as much in focus. BP
Oil propped up the sector into the final bell, as traders dialed up risk premiums tied to U.S.-Iran negotiations. Brent closed out Friday at $68.05 a barrel, while U.S. WTI wrapped up at $63.55. “It’s status quo nervousness over Iran,” said John Kilduff, partner at Again Capital. Still, the weekly trend sagged on oversupply worries, leaving the earnings outlook shaky. Reuters
BP disclosed in a regulatory filing it picked up 2.789 million of its own shares on February 6, paying anywhere from 468.40 pence up to 480.00 pence apiece. The buybacks, executed across the London Stock Exchange and Cboe, are headed for treasury under the repurchase program that kicked off in November, according to the statement. Investegate
Buybacks reduce the number of shares outstanding—a move that can bump up earnings per share and hand back cash to shareholders, all without locking in a bigger dividend. But the flexibility can cut both ways: when oil prices slide and cash flows drop, investors don’t hesitate to punish any payout that seems out of sync.
BP’s U.S.-listed ADRs added 2.2% to close at $39.01 Friday, moving in line with gains across major integrated oil stocks. Eni and Exxon also advanced, while Galp outperformed. MarketWatch
This week brings a different kind of turbulence. The union at BP’s Whiting refinery claims the company doesn’t plan to stick with a national bargaining deal, and local leaders are telling members to get ready—strike or lockout may be on the table. BP, for its part, says it isn’t bound by the national “pattern,” adding that talks will go on. Reuters
On Tuesday, cash flow, net debt, and updates on spending will probably get the most scrutiny from investors, as will results from upstream operations—oil and gas output—and refining. Trading tends to be uneven from one quarter to the next; any management remarks about volatility or margins are set to attract attention.
BP’s stock has been caught between the push from buybacks and rising risk premiums in crude, and the lingering question of how sustainable payouts are if oil prices slip. That strain often creeps into guidance, not only the top-line profit figure.
BP’s earnings drop February 10, and management plans a webcast after that. Traders will be keeping tabs on any weekend headlines tied to U.S.-Iran talks, plus fresh signals from Whiting negotiations.
