London, Feb 9, 2026, 08:51 GMT — Regular session.
- BP slipped roughly 0.6% in early London hours, mirroring the pullback in crude prices.
- Oil dropped over 1% as U.S.-Iran talks took some of the edge off immediate supply concerns.
- BP is set to release its full-year results on Feb. 10. Investors are zeroing in on the company’s strategy and cash returns.
BP slipped 0.6% to 475.2 pence in early London trading on Monday, pulling back from recent gains as oil prices softened. By 0827 GMT, the move put BP’s market value near 73 billion pounds. Investors are watching for the company’s full-year numbers.
Bulls aren’t catching a break here. BP’s earnings hit Feb. 10, with interim chief Carol Howle still at the helm and Meg O’Neill set to step in come April, following the sudden departure of Murray Auchincloss, per Reuters.
Oil prices took a hit early Monday, with Brent down 1.2% at $67.21 a barrel as of 0747 GMT. U.S. crude slid 1.3%, landing at $62.73. The move came after the U.S. and Iran agreed to extend indirect talks over Tehran’s nuclear program. “With more talks on the horizon, the immediate fear of supply disruptions in the Middle East has eased quite a bit,” said IG market analyst Tony Sycamore. Reuters
BP keeps a close eye on crude prices, since those numbers drive its cash flow and what it can hand back to shareholders. The big question for investors: just how aggressively will the company move on buybacks and dividends, especially if oil prices stay under pressure?
BP has already laid out the main trouble spots investors will scrutinize Tuesday. Back on Jan. 14, the company’s trading update pointed to $4 billion to $5 billion in fourth-quarter impairments—mostly linked to its low-carbon energy segments—and flagged softer oil trading and sliding prices as drags on earnings. RBC’s Biraj Borkhataria called it management “clearing the decks,” adding that buybacks could be next on the chopping block if the macro picture remains tough. Reuters
Shareholders are turning up the heat on the company to prove its oil-and-gas strategy is paying off. According to Reuters on Feb. 3, activist investor ACCR, along with several pension funds, has submitted a resolution demanding greater transparency around project economics and BP’s approach to cost overruns and delays. The proposal should come up for discussion at BP’s annual general meeting slated for April or May.
The U.S. refining sector faces another potential headache tied to labor talks. At BP’s Whiting refinery in Indiana, which employs roughly 800 people, the union says the company won’t stick to the national bargaining agreement that’s standard for portions of the U.S. oil industry. After their previous contract lapsed on Jan. 31, workers were told to brace for a possible strike or lockout. “BP maintains they have no plans to honor the National Oil Bargaining Program,” union local president Eric Schultz said. A BP spokesperson countered, insisting the site was “in no way” required to follow the industry pattern. Reuters
Even so, the picture can change in a hurry. A new escalation between the U.S. and Iran might send crude prices up and boost energy stocks. On the other hand, a sharper drop in oil — or unexpected news on buybacks, debt, or write-downs — could drag the stock down more than Monday’s initial move.
BP’s full-year results, due Feb. 10, are up next for traders. Investors are zeroing in on any signals about shareholder returns, moves to cut down debt, and the new CEO’s approach to calming the company’s strategy after recent upheaval.
