Credit Bulletin: Deleveraging and Growth Story Intact Despite Leadership Churn

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Credit Bulletin: Deleveraging and Growth Story Intact Despite Leadership Churn

J P M O R G A N Europe Credit Research

29 July 2026

Overweight

BP BPLN

Credit Bulletin: Deleveraging and Growth Story Intact

Despite Leadership Churn

Europe Corporate Credit - Utilities

J.P. Morgan Credit View (IG) and Oil & Gas

We view BP as a large, well-diversified energy major midway through a credit- AC William W Wade

friendly turnaround. While there has been strategic and governance volatility, the (44-20) 7134 0684

company has frozen share buybacks, cut capex and boosted cash generation which william.walter.wade@jpmorgan.com

is leading to lower net debt. Thus, while BP’s net leverage (1.2x) and gearing (33%) Scarlett Walton

are high vs. peers, these metrics should improve going foward. In terms of valua- (44-20) 3493 1739

tions, BP seniors offer modest value, trading slightly wide of energy major peers. scarlett.walton@jpmorgan.com

J.P. Morgan Securities plc

Business and Structural Summary

BP is a large, globally diversified, integrated energy company based in the UK.

Historically, BP operated three main business segments: (i) Oil Production & Figure 1: BP Credit Spreads (senior and

hybrid instruments)

Operations (47% of FY 25 adj. EBIT), (ii) Gas & Low Carbon Energy (27%), and

(iii) Customers & Products (26%). From Jul-26, BP’s reporting structure will 90 bps BPLN € 3.773% 2030s (LHS) bps 190 BPLN € 3.360% 2031s (LHS)

instead be split into ‘Upstream’ and ‘Downstream’ segments. In terms of regional BPLN € 4.375% Perp (RHS) 180

exposure, BP is present in the US, Europe, Asia, Africa, Australasia and South 170

America. Upstream production at BP was 2.3m boe/d in FY 25 while its refining 70 160

throughput was 1.4m boe/d. Meanwhile, BP’s reserves stood at 6.2bn boe as of 150

Dec-25.