London, Feb 6, 2026, 08:53 (GMT) — Regular session
- BP shares edged up roughly 0.4% in early London trading, while the FTSE 100 dipped
- According to a report, BP is reaching out to potential partners to help redevelop Iraq’s Kirkuk oil field
- Investors are turning to the February 10 results for clues on cash returns and future spending
BP shares gained 0.4% in early London trading Friday, as investors digested news the oil giant is hunting for a partner to help redevelop Iraq’s Kirkuk field. By 0840 GMT, the stock stood at 470.95 pence, recovering from a 1.8% drop on Thursday. The FTSE 100, meanwhile, slipped 0.3%. (Share Prices)
Why it matters now: BP is hunting for outside capital to share the risk on Kirkuk, one of Iraq’s oldest oil fields, just as investors gear up for a fresh look at its cash flow and dividends. Bloomberg News reported Thursday that BP is seeking a partner to help lift production and split costs there, though any deal could drag into next year. BP declined to comment. Investors will get BP’s quarterly and full-year results on Feb. 10. (Reuters)
BP pushed ahead with its buyback, revealing it bought back 2,775,080 ordinary shares on Feb. 5 under a plan launched last November. The company said these shares will be moved into treasury. (Share Prices)
Oil carried much of the sector’s gains on Friday, despite jittery trading overall. Brent crude futures climbed 1.2% to $68.33 a barrel by 0658 GMT, yet looked set to notch their first weekly drop in seven weeks. Traders were eyeing the U.S.-Iran talks scheduled later in the day. “The two sides remain well apart, leaving tensions elevated,” said ANZ analyst Daniel Hynes. Capital Economics added that geopolitical fears might ease amid weak market fundamentals. (Reuters)
In London, rates and earnings remain the focus, not just oil. The FTSE 100 dropped 0.9% on Thursday after the Bank of England kept rates steady at 3.75% in a split decision. Shell’s shares fell 3.4% following a fourth-quarter profit that fell short of forecasts. “It’s now merely a matter of timing” before further easing, said Matthew Ryan, head of market strategy at Ebury. (Reuters)
Peers are pulling back on capital returns amid crude price swings. Norway’s Equinor slashed its planned 2026 share buybacks by 70%, down to $1.5 billion, reflecting a more guarded approach to payouts in the sector. (Reuters)
BP now faces a tough balancing act: maintaining investor payouts while backing costly projects and streamlining its portfolio. The Kirkuk venture could be massive, yet it carries lengthy timelines and execution challenges.
The downside is clear: a sluggish partner process, costs creeping higher than expected, or a further drop in oil if geopolitical tensions ease and demand concerns resurface. With results due in just days, BP can’t afford any shocks.
