BP will unveil its new strategy in New York on December 15 after a surge in oil and gas prices accelerated its debt reduction. The company expects net debt to fall to between $13.5bn and $14.5bn by the end of September, down from $22bn in June, surpassing its previous target. Under CEO Meg O’Neill, BP has prioritised balance sheet strength, with adjusted profits reaching nearly $9bn in the first half of 2026, up from $3.7bn the previous year.
Free cash flow tripled to over $7bn. High energy prices, driven by the Middle East war and Ukraine’s attacks on Russian refineries, have boosted trading performance. Oil prices are roughly a third higher than last year, while gas and diesel prices hit records.
However, BP also announced a $3bn to $4.5bn write-down on its clean energy assets as it refocuses on core oil and gas operations. The company faces continued pressure from activist investor Elliott Management to cut costs and repair its finances.
Source: Financial Times Markets · Summarized by HeadlinesBriefing