SynMax Research:
British Petroleum (BP)
BP demonstrated capital discipline and efficiency with a 10% reduction in capital expenditure compared with 2024 and organic capex reduced to $13.6 billion. Additionally, the company is suspending its share buyback program.
BP expects reported upstream production to be broadly flat in Q1 2026. For full year 2026 guidance, the company expects reported upstream production to be flat to slightly lower with 8% to 9% lower CapEx YOY.
Summary
BP’s flat YOY 2026 production guidance will lower the long-term production forecast from the prior reporting quarter. The company gave a companywide production guidance and didn’t specify by basin.