BP PLC (LSE:BP.) swung to stronger near‑term earnings as Q2 refining margins surged and Brent near $97/bbl boosted cash, even as impairments and write‑downs in gas/transition units, asset sales and BP Ventures closure signal a refocus on core oil and debt reduction toward <$18B.
Previous Week Recap
- BP Q2 Refining Margin Jumped: BP (BP.) Q2: refining margin jumped to $29.60/boe boosting earnings ~$1.2–1.4B; Brent ~ $97/bbl; upstream output ~2.17–2.22M boe/d; net debt ~$22–23B; ~$1B impairment, $0.5B write-offs.
- BP Cuts Net Debt Target: BP (BP.) cut net debt to $22–$23B target; aiming under $18B next year. Q production fell due to U.S. maintenance and Mideast disruptions; ~400,000 bpd across Iraq, Oman, UAE affected.
- BP Expects Q2 Impairments: BP PLC (BP.) expects about $1 billion of Q2 impairments tied to its gas and low‑carbon unit; charges will be excluded from underlying replacement cost profit as company refocuses on oil and gas
- BP Transition-Business Write-Downs: BP PLC posted about $1 billion in transition-business write-downs, signaling possible asset sales. Analysts flagged Lightsource BP and Archaea as likely disposal targets. BP shares rose ~3.2%.
- BP Ventures Sharp Selloff Planned: BP PLC will close BP Ventures, sell minority stakes in 10+ portfolio firms to Verdane, keep a few holdings; divestment expected to finish by Q2 2027.
- Azerbaijan Output Falls Slightly: BP PLC ADR (BP) reported Azerbaijan oil output of 7.9 million tonnes in Jan–Jun 2026, down 0.1 million tonnes versus Jan–Jun 2025.
This is an AI-generated summary and may contain inaccuracies. Please verify any important information with the original sources.