London, 08:24 GMT, February 4, 2026 — Regular session
- BP shares climbed in early London trading, buoyed by stronger crude prices.
- Shareholders are demanding clearer insight into BP’s renewed focus on oil and gas investments.
- Attention now turns to BP’s quarterly results, due out next week.
BP shares climbed 1.8% to roughly 475 pence during early London trades, edging near their 52-week peak of 476.2 pence. On Tuesday, the stock had closed at 466.5 pence.
The move follows a shareholder resolution filed yesterday by activist investor Australasian Centre for Corporate Responsibility (ACCR) alongside UK and European pension funds. They’re demanding BP reveal more details proving its pivot from low-carbon investments back to oil and gas will create value. The proposal is set for BP’s annual general meeting, likely in April or May, just before a planned CEO transition. BP declined to comment.
Timing matters most for traders. A disputed strategy, a change in leadership, and earnings reports all hit at once, prompting the market to often factor them in ahead of time.
Oil prices edged higher, lending some strength to the sector. Brent crude added 0.2% to $67.48 a barrel, while U.S. WTI climbed 0.4% to $63.49. Rising tensions in the Middle East kept a risk premium baked into prices. “Heightened tensions in the Middle East provided support to the oil market,” said Satoru Yoshida, a commodity analyst at Rakuten Securities. Reuters
BP has continued snapping up its own shares. A recent filing revealed the company purchased 2,836,583 ordinary shares on Feb. 3 under a buyback plan announced last November. The volume-weighted average price paid was around 461 pence. BP intends to move these shares into treasury.
A fresh regulatory filing quantified the shrinking share count. BP disclosed 15.72 billion ordinary shares outstanding (excluding treasury stock) as of Jan. 31, with roughly 766.7 million shares held in treasury—these shares don’t come with voting rights or dividends.
Investors across Europe’s oil sector are zeroing in on buybacks and dividends just as much as headline profits. On Wednesday, Norway’s Equinor announced it would slash its 2026 share buybacks to $1.5 billion, down from $5 billion in 2025, while upping its quarterly dividend. CEO Anders Opedal said the firm is taking “firm actions” to boost free cash flow and build resilience against lower prices. Reuters
BP’s ADRs in the U.S. jumped roughly 3% Tuesday, finishing at $38.82 and outperforming a sluggish broader market. Exxon Mobil saw a notable gain during the session as well.
The tailwinds, however, can reverse quickly. A drop in crude—triggered by easing geopolitical tensions or weaker demand—could quickly dull the early gains seen in oil majors. BP, in particular, faces the challenge of persuading investors that its spending adjustments and buyback strategy make sense.
BP’s quarterly results on Feb. 10 will be the next key event, as investors seek updates on capital spending, cash returns, and any hints about priorities ahead of the April leadership shift.
