bp: Getting to work

Research evidence excerpt

bp: Getting to work

Equity Research

European Integrated Energy

8 June 2026

bp

Getting to work

bp’s investment case risks being derailed by boardroom

dynamics, but for us this does a disservice to the broader

leadership team, which recognises both that change is BP.L/BP/ LN OVERWEIGHT

European Integrated Energy POSITIVE

needed and that progress has already been made. Effective Price Target GBP 6.50

execution from here continues to offer meaningful upside, in Price (04-Jun-26) GBP 5.45

our view. PotentialSource: Bloomberg,Upside/DownsideBarclays Research +19.3%

We cannot pretend that boardroom dynamics don't matter to a company; they clearly do, or European Integrated Energy

there would be no point in the roles. And we also have to recognise that in former chairman Lydia Rainforth, CFA

Albert Manifold, bp has lost an agent of change. Yet having taken some time to reflect, we do not +44 (0)20 3134 6669

believe his departure should overshadow what we see as a particularly strong triumvirate of lydia.rainforth@barclays.com

leaders in the CEO, Deputy CEO and CFO, who each recognise that change is needed and want Barclays, UK

to accelerate progress in how bp operates and makes decisions, but always with a focus on Naisheng Cui, CFA

safety. This note revisits the themes we laid out in our report of 27 January 2026, Accelerated +44 (0)20 7773 0486

change to deliver significant value, with CEO Meg O'Neill now two months into the job. naisheng.cui@barclays.com

Barclays, UK

We have been impressed at the start that the new CEO has made:

Ramachandra Kamath

1.1. An announcement that the company will be reset into upstream and downstream six years +91 (0)22 61752308

ramchandra.kamath@barclays.com after the structure was "re-imagined". We see this as leading to a simpler business.

2.2.