14 January 2026
If you are covering BP’s latest trading statement, please see the following comment from Maurizio Carulli, global energy and materials analyst at Quilter Cheviot:
“BP’s share price is down slightly this morning following its Q4 trading statement, which comes ahead of it Q4 and full year results on 10 February.
“Operationally, BP’s update was broadly in line with expectations, but it also revealed $4-5bn of impairments. These were primarily in its energy transition business, a legacy of BP’s previous controversial strategic shift towards renewables. While the impairments seem to be weighing somewhat on the share price, they are one-off non-cash items that should not affect adjusted income in terms of profit and loss.
“BP’s oil trading was weak in Q4, echoing Shell’s reports last week. However, its net debt fell from £26bn in Q3 to £22-23bn in Q4 following BP’s divestments.
“BP’s investment case is unaffected by the impairments announced today and instead rests on the refocusing of the business towards the core hydrocarbon activities. These were initiated by the recently departed CEO, Murray Auchincloss, and are set to accelerate under the new chairman and incoming CEO who will start in April.”
