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BP Announces Up to $5bn in Writedowns in Energy Transition Business in Q4
January 15, 2026
BP Plc has announced anticipated writedowns of up to $5bn in its energy transition business, signaling a pivot back to fossil fuels. This follows the departure of CEO Murray Auchincloss and the appointment of Meg O’Neill, who would take stage after intense pressure from activist investors like Elliott Investment Management to accelerate a low-carbon exit. The energy giant flagged weak oil trading and stagnant Q4 production, compounded by Brent crude prices falling below the $70/bbl threshold required for its turnaround. While BP successfully reduced net debt through strategic divestments, including a $6bn stake sale in its Castrol division, analysts warn that share buybacks may soon be suspended to maintain deleveraging. With a target of $20bn in asset sales by 2027, BP is aggressively trimming its solar, wind, and biofuel portfolios to focus on core oil and gas operations in an oversupplied global market.
BP’s dollar bonds trade stable with its 5.227% 2034s at 103.7, yielding 4.7%.
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