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Buy-out award for incoming chief executive officer

BP p.l.c. (the "Company") announces that on 29 April 2026 it granted the following share awards (the "Awards") to Meg O'Neill in connection with her appointment as the Company's chief executive officer which took effect from 1 April 2026. The Awards were granted pursuant to a bespoke share plan as permitted by UKLR 9.3.2R established for the purpose of granting these one-off awards and on the terms set out in a Deed of Grant (the "Deed") dated 29 April 2026.

Level and purpose of Award

The Awards have been granted to replace the remuneration forfeited by Ms O'Neill on leaving her previous employer, Woodside Energy Group Ltd (Woodside) and are consistent with the 2026 directors' remuneration policy and as disclosed in the 2025 directors' remuneration report.

The foregone remuneration comprised a combination of restricted share awards and performance share awards with overlapping vesting periods extending up to five years.

Structure of the Award

The Awards take the following forms:

· Restricted share awards, which replace forfeited restricted share awards and performance share awards due to vest in 2027 and 2028, with in-flight performance valued at 50% of maximum and,

· Performance share awards, which replace the forfeited unvested performance share awards and are subject to the Company's relative TSR performance.

The number of shares subject to the Awards has been calculated using the 90-day average share prices of bp and Woodside and the applicable foreign exchange rate, in each case prior to the effective date of Ms O'Neill's appointment on 1 April 2026.

1,901,277 ordinary shares - Restricted Share Award

809,232 ordinary shares - Performance Share Award

Just an idle thought ( with no substance behind it)

But would UAE leaving OPEC make it easier for them politically to take over Hbr.

Personal view trying to make any sense of how little correlation there is now between sp and oil prices.

Have seen it said that BP of all the super majors got the biggest lift by far when oil first peaked.

( something like a 20% uplift,) in comparison it said Exxon actually dropped about 5% due to the fact they had a lot of production shut off and damage to some Middle East assets.

Also we got a reaction to our results which most super majors are still awaiting.

So is maybe a case of it’s already baked in the price.

But 2 nd quarter earnings already includes a month of high oil price with little chance of immediate change.

But it’s never a good idea to mix logic with BP

LONDON (S&P Global Ratings) April 29, 2026--S&P Global Ratings today said that BP PLC's (A-/Positive/A-2) announcement that it plans to reduce permanent hybrid bond capital to $8.9 billion will not affect S&P Global Ratings' equity treatment of the company's remaining hybrids. Consequently, we reduced to $8.9 billion the amount of BP's corporate hybrid instruments that we treat as having intermediate equity content. BP announced this move in the first quarter 2026 results release. We understand BP will fund the redemption of the €2.5 billion (March 2026 first call date) and £1.25 billion (March 2027 first call date) hybrid notes with cash on hand, which stood at $35.7 billion on March 31, 2026.

Our equity treatment reflects our view that the company's creditworthiness has improved since it last increased its overall stock of hybrid capital in June 2020, as reflected by our outlook revision to positive in April 2026 (see "BP PLC Outlook Revised To Positive On Deleveraging; 'A-/A-2' Ratings Affirmed," April 2, 2026). This is despite our typically negative view of hybrid instruments that are redeemed but not replaced. The indicated redemption without replacement is above our immateriality guidance, but we highlight that our outlook on BP is now positive--compared with stable at that time--which reflects an improvement in the credit quality of the issuer.

We see the reduction in permanent hybrid capital in the context of the company's strategy to reduce both net debt and other financial liabilities. Since 2020 and in our projections, we observe an improving trend in the company's credit ratios. As of the end of 2025, BP had funds from operations (FFO) to debt of 35.1% compared with 15.3% at year-end 2020. We forecast this metric to be above 50% by year-end 2026 as a result of strong cash flow, disposals, and debt reduction. This is further boosted by the current favorable oil and gas price environment (for further info please see our price assumption articles in the related research section below). The company already demonstrated adequate headroom against our minimum FFO-to-debt ratio of 30% for the 'A-' issuer credit rating as of Dec. 31, 2025. Hence, the hybrid redemption has no impact on our issuer credit ratings on BP.

Importantly, in our view, BP remains committed to retaining hybrid instruments in its capital structure to absorb losses or conserve cash when needed and to maintain continued access to equity-like capital. We understand that currently BP is committed to retain a hybrid capital stack at $8.9 billion equivalent over time. We will review BP's equity treatment, and possibly that of potential future hybrid issuances, if we see a change in the company's financial policy regarding hybrids compared with our current assumption.

BP has signed a memorandum of understanding (MoU) with the Venezuelan government, marking the oil major’s return to one of South America’s largest hydrocarbon producers.

It comes as Western oil firms continue to expand operations in the country after the US arrest of Venezuelan President Nicolás Maduro in early January.

BP joins Shell, Eni, and Repsol in signing deals in Venezuela since Maduro’s capture.

Venezuelan state-owned oil firm PDVSA said the deal with BP covers offshore gas exploration and production on the Deltana Platform.

The agreement, signed in Caracas on Wednesday, also covers exploration in the Loran area and formalises the launch of gas development at the Cocuina-Manakin field, which straddles the maritime border between Venezuela and Trinidad and Tobago.

BP already operates the Trinidad side of the field, known as Block 5b, through a subsidiary.

Venezuela’s interim president Delcy Rodriguez said the MoU covered “important areas of work” across the Cocuina-Manakin and Loran fields and wider offshore gas exploration.

She also confirmed that BP had opened an office in Venezuela.

Rodriguez said BP’s return was “a clear sign of the future we want to chart for Venezuela and for international energy relations”.

She said two sovereign funds had been established to direct income from the incoming energy partnerships towards social protection, workers and infrastructure development.

BP executive vice president for gas and low-carbon energy William Lin and BP director David Campbell attended the signing ceremony in Caracas.

The Venezuelan government had previously granted BP an exploration and production license for the development of the Cocuina gas discovery in 2024.

Think the wheels have fallen off someone’s master plan to keep oil prices under control.

Now just needs a little work to translate into a higher BP sp.

Logic however has been in short supply lately.

I decided weeks ago that a way to decide when the Iran war was nearly ended was following the number of posts on here.

The higher number of posts the further from the end .

The lower number of posts ( less interest so ) the nearer to the end we are.

By that staggering lack of logic.

Are we nearing the end now.

To add just a tiny bit of logic.

It has been reported that Iran has around 12 days of space before it has to shut in oil wells.

In no way a prediction you should rely on.

( and my prediction track record is probably close to 50:50)

Clued

I more thought along the lines of an Iranian tanker trying to evade US blockade and being driven aground onto a foreign shore causing a U.S. driven environmental disaster ( for PR purposes).

But your suggestion is yet another option Iran have.

It’s not over till it’s over( and the first Gulf war proved how bad things can get for a defeated enemy).

Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down to alleviate the pressure on prices. For week ending April 24, 7.1 million barrels left the SPR, bringing the new total to 397.9 million barrels. This is 327.6 million barrels shy of maximum capacity.

US production fell to 13.585 million bpd for the week ending April 17, down from 13.596 million bpd in the week prior, according to the latest EIA data. This is 125,000 bpd more than this same time last year.

Gasoline inventories fell this week by 8.47 million barrels in the week ending April 24. In the week prior, gasoline inventories fell by 5.165 million barrels. As of last week, gasoline inventories were 0.5% below the five-year average for this time of year, according to the latest EIA data.

Distillate inventories fell by 2.6 million barrels, after shedding 4.59 million barrels in the week prior. Distillate inventories were already 8% below the five-year average as of the week ending April 17, the latest EIA data shows.

Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—fell by 820,000 barrels, after rising by 678,000 barrels in the week prior

Https://oilprice.com/Energy/Crude-Oil/The-Oil-Supply-Shock-Will-Scar-the-World-for-Years.html

Question

Lucas Herrmann

BNP Paribas, Research Division

Meg and the team actually best of success with everything. I want to ask a question on LNG, LNG trading, probably directed at Carol. So if I go back to 2022, the company very proudly talked about the redirection of 200 or so cargoes. And one of the features I understand of your contracts is 90% are written with redirection clauses. If I think about the -- if I think about the environment we're in now, the volatility, the spreads that one can see today, how do I think about your ability to maximize that? To what extent is there length in the portfolio? To what extent are you starting to enact those clauses on the basis that my initial presumption was correct? Carol, any guidance would help

Answer

Carol Howle

Deputy Chief Executive Officer

Lucas. You know we don't give guidance. So -- but no, good to hear from you. And so with regards to the LNG portfolio, you're right. So we can redirect our cargoes, more than 90% of our cargoes are reoptimized prior to final delivery. What I would say is we're still growing our LNG portfolio. So last year, we had just under 27 million tonnes per annum in terms of the strategic portfolio, which is up year-on-year and around 15 million tonnes of what we call the sort of incremental merchant volumes. So there's growth in that portfolio.

There's also great diversification in the portfolio. So if I look at it in terms of our ability to rewire and think about where we can get supply into, as you say, these demand centers, particularly with the disruptions that we're seeing, we have supply from Trinidad, from Mauritania, Senegal from the U.S. and also from Coral in Mozambique, all of which we can look to optimize to make sure that we get LNG to customers. So we still run the portfolio in that way. We are still looking to make sure that we optimize BP's assets as well as support customer flows and deliveries. So on that basis, we continue to work through that. I think 2022, just to finish off was a little bit different in terms of we did see prices -- TTF prices surged about 300%. And last quarter, it was around 100%. So slightly different levels of volatility, but the fundamentals of the business are still the same.

Carol Howle

Deputy Chief Executive Officer

I mean, so the first thing I'd say is that as we've all seen, in a significant structural tightness due to the conflict and also due to the closure of Strait of Hormuz. And what we've seen is on the oil side, we've seen the disruption come through on crude, and we've seen it also come through on refined products, both in terms of impact to the Middle East, but also a reduction in refinery runs in Asia. So that's meant we've seen a shortage of supply in Asia, which has been also gradually rolled through into the West.

Now what we've been doing on the oil side is really very much, as I said, focused around making sure that we keep our production flowing. We keep our refineries wet. We keep our refineries producing a maximum yield with regard to where we're seeing the shortage of products for our customers, which would be across jet and diesel. So we've been doing that. We've got a global scale and a diverse portfolio across a number of different geographies that we've been able to rewire supply and demand across. And that's where you've seen that value coming through on the trading side.

With regards to the gas side, I think as I mentioned earlier on the call, we haven't seen the extent of volatility because I think sometimes people sort of equate this to 2022. We haven't seen the extent of volatility in those gas markets as we saw previously. Now what we are watching though and monitoring very carefully are things like the EU stock levels. We're looking at where they should be against the 5-year average. It is injection season. So we're watching that very carefully. Obviously, continued disruptions to Strait of Hormuz has the potential to increase the shortages that we're seeing in the market. But again, as I said, I think, in answer to Lucas' question, the portfolio that we've got across BP and merchant does have the diversification in it to make sure that we work very closely to meet our supplier commitments.

Marguerite O’Neill

CEO & Director

Look, I saw the Bumerangue announcement, of course, when I was on the outside and thought, okay, this sounds big, but you always need to dig in with some -- with a critical eye. I've had the opportunity to sit down with the Bumerangue team, see the seismic data, see the well logs, understand what they're doing in terms of the appraisal plan and the development concepts that we're maturing. So obviously, a bit of work to do given the size and complexity of the resource. So the appraisal plan will be really critical to firming up our understanding of not just fluids in place, but how fluids will move through the reservoir and how we might commercialize it.

But very impressed with the quality of the team that we've put on this opportunity. The leadership moves at pace to get some of our best folks on to this so that we can move the opportunity forward with an appropriate amount of pace. So I'm -- look, I'd say I'm excited. It's not every day that you discover a field of this size and quality. So great opportunity for us and great -- pleased with the commercial terms that we have for the opportunity as well. So we've got all the right ingredients.

“ But how much time will decommissioned tankers buy Iran? Current estimates indicate Kharg Island has roughly 13 million barrels of spare onshore storage remaining at the terminal, while net inflows are running at about 1.0 million to 1.1 million barrels per day. At that pace, storage could be filled in about 12 to 13 days, which places the saturation point in late April to early May if current flows hold. A large tanker gives them another potential 2 million barrels of capacity. In other words, not much. ”

So maybe a timeline of when we get near the end game?

Https://oilprice.com/Energy/Crude-Oil/Iran-Reactivates-Derelict-Tanker-as-Kharg-Island-Nears-Storage-Limit.html

Harmonica

One of my worst predictions ever.

BP used working capital to try and remove the massive swings quarter by quarter which are mainly noise associated with running the business.

The main objective of this is to make it easier to compare quarters.

Otherwise the only real comparison would be with the quarter from 12 months ago with many similar factors

In the trading update

Net debt was forecast in range $25-27 billion

Came in a bottom of range $25.309

Working Capital Build

Operating cash flow for the quarter, after a $6.0 billion working capital* build (after adjusting for inventory holding gains, fair value accounting effects and other adjusting items), was $2.9 billion. The working capital build of $6.0 billion reflects three main factors: around $4.1 billion related to seasonal working capital effects, higher levels of inventory reflecting longer shipping routes and the rising price environment through the quarter; $1.1 billion related to the timing of payments; and $0.8 billion of other items, primarily related to the settlement payments in the Gulf of America.

Does not look like this has been received well

Shell down over 3% in US

Does not look like this has been received well

Shell down over 3% in US