London, Feb 5, 2026, 08:48 GMT — Ongoing session
- BP shares slipped in early London trading, retreating from Wednesday’s peak at a one-year high
- A new drop in crude prices, coupled with mixed signals from peers, brought cash returns back under the microscope
- Investors are eyeing BP’s Feb. 10 earnings for clues on buybacks and capital spending
BP BP.L dipped in early London trading Thursday, slipping roughly 0.6% to 474.90 pence. The shares had closed Wednesday at 477.75 and hit a one-year peak of 481.35. They opened the session at 476.85 and fluctuated between 473.85 and 479.35 pence.
The timing is tough for the oil giants. Earnings are rolling in, crude prices are volatile, and investors want to know: will buybacks hold up if prices dip? Equinor’s CEO Anders Opedal made it clear this week, saying, “We are taking steps to strengthen free cash flow.” BP’s earnings drop on Feb. 10, following Shell’s report this Thursday. Reuters
Oil prices dipped once more. Brent dropped roughly 2% to $68.02 a barrel following news that the U.S. and Iran will meet for talks in Oman on Friday, calming supply concerns that had driven prices up the previous day.
BP has been focusing on boosting shareholder returns. On Feb. 4, it repurchased 2,738,538 ordinary shares on the London Stock Exchange and Cboe, paying between 473.30 pence and 481.00 pence each, under a buyback plan unveiled last November.
Peers aren’t all on the same page. Shell posted a fourth-quarter net profit of $3.3 billion, falling short of the $3.5 billion analysts had predicted. Yet, the company maintained its $3.5 billion buyback plan for the next quarter and raised its quarterly dividend 4% to $0.372 per share.
Commodity markets have been volatile, and energy stocks are feeling the ripple effects. “We saw extreme volatility in precious metals and other commodities this week, and what we are witnessing today are some aftershocks,” said Tony Sycamore, an analyst at IG. He noted that renewed U.S.–Iran talks have eased some of the geopolitical premium built into oil prices. Reuters
BP is under growing scrutiny over its strategy. A coalition of UK and European pension funds, alongside activist shareholder ACCR, is demanding that BP provide clearer justification for its planned shift in spending toward oil and gas. A shareholder resolution on the issue is expected at the annual general meeting in April or May. BP declined to comment, Reuters reported.
Crude remains the main driver day to day. If prices slip further, cash flow can tighten quickly, pushing investors to eye buybacks first. In that environment, costs, project schedules, and trading results take on greater importance—though they don’t always appear clearly in headline profits.
