BP Halts Quarterly Share Buyback, Cuts Capital Expenditure (BP: 2-10-2026)

BP suspended its quarterly share buyback and reduced capital expenditure as part of a strategic overhaul to strengthen its balance sheet and refocus on oil and gas. The London-based energy giant is cutting 2026 capital spending to $13.5 billion from $14.5 billion and raising its cost-reduction target to $6.5 billion by 2027. It will pause its $750 million-per-quarter buyback after reducing it from $1.75 billion in April 2025. The moves follow write-downs in renewables and biogas, a solar剥离, and pending divestitures expected to raise over $11 billion by 2027, aiming to cut net debt to $14B–$18B by year-end. Q4 underlying replacement cost profit was $1.54B, in line with expectations. European shares fell about 4% in early trading.