BP.: No Drama, Just Delivery…please

Research evidence excerpt

BP.: No Drama, Just Delivery…please

RBC Europe Limited

Biraj Borkhataria, CFA (Head of Global Energy Transition

Research)

+44 20 7029 7556, biraj.borkhataria@rbccm.com

Adnan Dhanani, CFA (Analyst)

+44 20 7029 7810, adnan.dhanani@rbccm.com

Matthew Russell (Associate)

+44 20 4557 7244, matthew.russell@rbccm.com

June 11, 2026

BP p.l.c. OutperformRESEARCH No Drama, Just Delivery…please LSE: BP.; GBp 540.50; NYSE: BP

Our view: Last week we hosted a roadshow with Kate Thomson, BP’s Price Target GBp 700

CFO in North America. While the tabloid obsession with BP’s boardroom Scenario Analysis*

drama continues, the macro environment remains highly supportive for

BP’s investment case, and we continue to see room for the shares to DownsideScenario CurrentPrice TargetPrice ScenarioUpside

outperform peers. We think investors are seeking clarity on medium term

growth ambitions, as well as the ‘end goal’ for the balance sheet, and we 440.0014% 540.50 700.0034% 840.0060%

discuss both of these in this note, while updating our estimates.EQUITY *Implied Total Returns

Key Statistics Key points: Shares O/S (MM): 15,487.0 Market Cap (MM): 83,707

Setting the scene – questions on governance. BP’s investment case was Dividend: 0.34 Yield: 4.7%

somewhat unusual in that former Chair Albert Manifold was actually part Avg. Daily Volume: 30,978,960

Market Cap in GBP

of the equity story, with him being seen as an ‘agent of change’ by many

investors. Kate insisted that BP’s strategy remains unchanged, with focus on RBC Estimates

de-leveraging and driving efficiency into the business, with some evidence FY Dec 2025A 2026E 2027E 2028E

of this already coming through. Questions around governance were not Production, net 2.31 2.29 2.37 2.35