BP p.l.c.
- Open
- 41.80
- Day high
- 41.97
- Day low
- 41.37
- Prev close
- 41.08
- Volume
- 5.3M
- Mkt cap
- $107.9B
- P/E (TTM)
- 33.5
- EPS (TTM)
- $1.25
- P/B
- 1.9
- P/S
- 0.6
- Yield
- 4.74%
- Per share
- $1.99
BP p.l.c. (BP) is a Energy company listed on NYSE. The stock is up 31% over the past year. Drillr has 10 published research articles covering BP.
BP p.l.c. (BP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.91 | $1.24 | +36.3% | $52.3B | +7.7% |
| Nov 4, 2025 | $0.72 | $0.85 | +18.1% | $48.4B | +8.9% |
| Oct 31, 2023 | $1.37 | $1.15 | -16.1% | $53.3B | -3.6% |
| Aug 1, 2023 | $1.20 | $0.90 | -25.0% | $48.5B | -8.1% |
| May 2, 2023 | $1.33 | $1.66 | +24.8% | $56.2B | -1.2% |
| Feb 7, 2023 | $1.65 | $1.59 | -3.6% | $69.3B | +25.0% |
| Nov 1, 2022 | $1.94 | $2.59 | +33.5% | $55.0B | -7.1% |
| Aug 2, 2022 | $2.20 | $2.61 | +18.6% | $67.9B | +14.5% |
| May 3, 2022 | $1.41 | $1.92 | +36.2% | $49.3B | -11.8% |
| Feb 8, 2022 | $1.17 | $1.26 | +7.7% | $50.6B | -4.2% |
| Nov 2, 2021 | $0.96 | $0.99 | +3.1% | $36.2B | -8.4% |
| Feb 2, 2021 | $0.12 | $0.03 | -75.0% | $44.8B | -28.6% |
BP research & analysis
SHEL: Hormuz Blockade Tightens LNG Supply for Majors
The Hormuz blockade creates a bifurcated outcome: LNG producers with Middle East assets (Shell, ExxonMobil, TotalEnergies) face 2-3 quarter supply disruptions and margin compression, while refining-heavy majors and integrated producers with refining exposure benefit from crude-product spread widening. Consensus has treated all majors symmetrically on Brent upside, missing the structural divergence. LNG-heavy names should underperform the refining basket by 5-10% over the next 2-3 quarters.
SHELXOMCVXSHEL: Brent Holds as Trump Rejects Iran Peace Overture
Trump's rejection of Iran's truce proposal extends the diplomatic impasse supporting oil's $75-$85 range, removing near-term risk of a breakthrough that would flood markets with Iranian barrels. Shell and BP have captured this tailwind, but the trade now hinges on whether sustained tension can push oil above $90 — driving margin expansion — or whether the base-case range holds and sets up valuation compression.
SHELUSOXOM and CVX Up 26-28% YTD — Why the UK Refusing Hormuz Blockade Could Widen Their Lead
The UK's April 12, 2026, refusal to join Trump's Hormuz blockade plan exposes oil majors to extended disruptions in the 20% global oil chokepoint, but XOM and CVX's robust finances and production ramps set up margin gains. YTD stock surges of 26-28% reflect market bets on higher crack spreads, with Middle East assets (20% of output) offset by US shale strength. Bullish stance: Buy supermajors for FCF upside amid geopolitical limbo.
XOMCVXSHELStrait of Hormuz Crisis Sparks China Cancellations — XOM and CVX Margins Set to Surge
April 11, 2026, reports detail Hormuz crisis damaging Middle East oil/gas supplies and sparking Chinese order cancellations, tightening global markets. ExxonMobil and Chevron—fortified by $40B+ FCF, low debt, and downstream leverage—stand to gain most from elevated cracks and prices. Bullish: Buy dips for 20-30% FCF upside.
XOMCVXSHELStrait of Hormuz Blocked: XOM Cuts Q1 Output 6% as Oil Majors Drop 3–5%
Shipping halted in the Strait of Hormuz on April 9, 2026, as Iran imposes terms, with the US prioritizing free passage. Exxon reports 6% Q1 production cuts from related Middle East disruptions; majors' stocks fell 3-5% but YTD gains exceed 20%, backed by $50B+ FCF and low leverage. Bullish setup if oil prices surge on sustained risks.
XOMCVXSHELIran War Drives Record Capital Flight: EEM Down 12% While SPY Gains Safe-Haven Flows
Record bullish positions in EU natural gas futures are spiking volatility amid supply shocks, per Bloomberg, boosting SHEL and BP's LNG trading margins. Both delivered robust FY2025 FCF and returns, with guidance for sustained growth. Bullish on their leverage to Europe's crunch.
SHELLibya Oil Risk Spikes as UN Embargo Breaks — What It Means for BP, CVX, XOM
Khalifa Haftar's confirmed acquisition of combat drones breaches UN sanctions, escalating risks to Libya's 1.2M bpd oil output and threatening BP's active EPSA, Chevron's Sirte bid, and Exxon's legacy exposure. Majors' strong balance sheets and recent share gains position them to weather disruptions, potentially gaining from supply-driven price pops. Investors should track NOC exports and eastern port flows for the next move.
XOMCVXSHEL and BP Up 14–16% After Ust-Luga Strike — EU Supply Crunch Has Further to Run
Ukraine's April 7 strike on Russia's Ust-Luga oil port threatens EU supply, potentially boosting crude prices and refining margins for Shell and BP. Both majors showed FY2025 resilience with strong FCF and low leverage, shares up 14-16% in the past month. Bullish stance: Expect margin expansion if disruptions persist.
SHELSHEL and BP Up 10-16% Despite Gas Futures Plunge — Why LNG Is Their Shield
European gas futures tumbled on April 8, 2026, post-US-Iran ceasefire, easing supply fears—but SHEL and BP stocks rose 10-16% in the prior month, buoyed by LNG resilience and strong 2025 financials ($21B+ FCF each). Integrated portfolios and low leverage position them for continued outperformance. Bullish: Buy the reversal with 15% upside potential.
SHELAt what oil price level does Gulf conflict risk trigger demand destruction in EM economies?
Gulf conflict escalation creates a geopolitical risk premium benefiting oil producers in the $80–100 Brent range, but sustained prices above $100–110 risk triggering demand destruction in import-dependent emerging markets. EOG Resources and Shell offer the best risk-adjusted positioning, while BP carries the highest combined balance sheet and operational risk.
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BP p.l.c. company profile
Overview
BP p.l.c. (NYSE:BP) is a British multinational oil and gas company founded in 1908 and headquartered in London, United Kingdom. Originally established as the Anglo-Persian Oil Company, BP has evolved from a traditional oil company into what it now calls an "Integrated Energy Company" (IEC), balancing investments in conventional oil and gas operations with renewable energy and low-carbon technologies. The company went public in 1977 and operates globally across the entire energy value chain, from exploration and production to refining, marketing, and retail operations.
Business
BP operates as an integrated energy company across three main business segments that collectively generated approximately $189 billion in revenue in 2024. The Gas & Low Carbon Energy segment focuses on natural gas production, integrated gas and power operations, trading activities, and emerging low-carbon technologies including onshore and offshore wind power, hydrogen production, and carbon capture and storage facilities. This segment also handles renewable and non-renewable power trading and marketing. The Oil Production & Operations segment represents BP's traditional upstream business, encompassing crude oil exploration, development, and production activities both onshore and offshore. This includes major projects in regions like the Gulf of Mexico, the North Sea, and various international locations. The segment maintains high operational reliability, typically achieving over 95% plant uptime. The Customers & Products segment operates BP's downstream businesses, including convenience retail and fuel stations, electric vehicle charging infrastructure, Castrol lubricants, aviation fuel services, business-to-business operations, refining operations, oil trading, and bioenergy businesses. This segment has been expanding rapidly, particularly in convenience retail and EV charging, with the convenience business alone targeting growth from $4.5 billion to $7 billion in annual revenue. BP also operates what it calls "Transition Growth Engines" (TGEs), which include bioenergy operations, convenience retail, and electrification services. These businesses generated approximately $0.5 billion in EBITDA in the first half of 2024 and are targeted to reach $3-4 billion in EBITDA by 2025, representing BP's strategic pivot toward lower-carbon, higher-margin businesses.
Revenue model
BP generates revenue through multiple complementary business models across the energy value chain. The company primarily makes money through product sales of crude oil, natural gas, refined petroleum products, and biofuels to wholesale and retail customers. Its upstream operations sell crude oil and natural gas to third parties and to BP's own downstream operations, while its refining business processes crude oil into gasoline, diesel, jet fuel, and other petroleum products sold through retail stations and wholesale channels. The company also generates significant revenue through trading activities, leveraging its global energy trading capabilities to optimize commodity flows and capture market opportunities. BP's trading operations have consistently delivered approximately 4% uplift to the group's return on average capital employed over the past five years. Additionally, BP earns service fees through its convenience retail operations, EV charging network, and Castrol lubricants business. Several factors significantly impact BP's profitability margins. Commodity price volatility in oil and gas markets directly affects upstream margins, with higher oil prices generally improving profitability. Refining margins are influenced by the spread between crude oil costs and refined product prices, which can be affected by regional supply-demand imbalances and refinery outages. Operational efficiency plays a crucial role, with plant reliability above 95% being critical for maintaining competitive unit costs. The company has implemented aggressive cost reduction programs targeting $2 billion in savings by 2026 to offset inflationary pressures in labor, materials, and equipment costs. Currency fluctuations also impact margins given BP's global operations, while regulatory changes related to carbon pricing and environmental standards increasingly influence long-term profitability across all business segments.
Competitive moat
BP's competitive moat is moderate and primarily built on integrated operations and scale advantages rather than unique technological capabilities. The company's integrated business model allows it to optimize across the entire energy value chain, from upstream production through refining to retail distribution, providing some protection against margin compression in individual segments. BP's global scale enables it to achieve cost efficiencies in procurement, shared services, and technology development that smaller competitors cannot match. The company's established infrastructure represents a significant barrier to entry, including refineries, pipeline networks, retail station locations, and long-term supply contracts. BP's trading capabilities and market intelligence, developed over decades, provide competitive advantages in commodity optimization and risk management. The company's brand recognition and customer relationships in both B2B and retail markets offer some defensive positioning. However, BP's moat faces significant challenges. The energy transition toward renewable sources threatens the long-term relevance of traditional oil and gas operations. Renewable energy competitors with lower cost structures and dedicated focus pose increasing threats to BP's transition growth engines. Technology disruption in areas like battery storage, electric vehicles, and alternative fuels could accelerate the decline of traditional energy demand. Additionally, BP lacks unique technological advantages in most of its business segments, making it vulnerable to competition from both traditional energy companies and new entrants with innovative approaches. The company's strategy of becoming an "Integrated Energy Company" is being pursued by most major oil companies, potentially commoditizing this approach and reducing differentiation over time.
Risks & safety
BP demonstrates a moderate margin of safety with mixed financial health indicators: • Liquidity position: Strong with $33.8 billion in cash and short-term investments as of Q1 2025, providing substantial operational flexibility • Debt burden: Elevated debt-to-equity ratio of 1.22, indicating significant leverage that could constrain financial flexibility during downturns • Cash flow generation: Inconsistent free cash flow performance, turning negative at -$517 million in Q1 2025 after positive $3.5 billion in Q4 2024 • Current ratio: Adequate at 1.22, suggesting ability to meet short-term obligations • Valuation metrics: Mixed signals with P/E ratio of 32.3 appearing elevated, while EV/EBITDA of 3.9 seems reasonable for the sector • Operational cash flow: Volatile, ranging from $2.8 billion in Q1 2025 to $8.1 billion in Q2 2024, reflecting commodity price sensitivity • Net debt target: Management confident in achieving $14-18 billion net debt target by 2027, indicating commitment to balance sheet improvement • Capital allocation: Disciplined approach with 30-40% of operating cash flow allocated to dividends and buybacks over time
Recent development
Over the past few years, BP has undergone a significant strategic transformation from a traditional International Oil Company (IOC) to an Integrated Energy Company (IEC). The company has made substantial portfolio changes, including decapitalizing its offshore wind business through the formation of the JERA Nex bp joint venture, which allows BP to maintain exposure to renewable energy while reducing capital intensity. BP has also acquired full ownership of bp bioenergy and Lightsource bp, consolidating control over key transition growth engines. The company has implemented an aggressive cost reduction program targeting at least $2 billion in savings by the end of 2026, focusing on digital transformation, supplier alliances, and global capability hubs. In 2024 alone, BP achieved $750 million in structural cost reductions and reduced its contractor workforce by 3,000 positions. The company has also reduced its 2025 CAPEX to $14.5 billion and is targeting $3-4 billion in asset divestments for 2025. BP has been actively sanctioning new projects and expanding geographically, with 10 new Final Investment Decisions in 2024 and new resource access in countries including India, Iraq, Azerbaijan, and Abu Dhabi. The company made six exploration discoveries in Q1 2025, including a significant find in Namibia. In its transition businesses, BP is focusing on capital-light models and has narrowed its EV charging focus to key markets while expanding its convenience retail operations, which showed strong performance with the best Q1 results since 2020.
BP company profile · for informational purposes only — not investment advice.
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