BP clears a key Angola milestone, shares trade below recent highs

By Julia Schmitt, Sector & Peer Group desk. Reviewed prior to publication on 2026-06-23, 14:22.

BP (GB0007980591) adds another large upstream project to its portfolio as a joint venture with Eni approves development of an offshore oil field in Angola. The company remains a major constituent of the FTSE 100, with primary trading on the London Stock Exchange, as reported alongside sector updates from MarketScreener.

Angola project moves ahead

According to MarketScreener, the BP-Eni joint venture has approved development of an offshore oil project in Angola, marking a further step in expanding production capacity in the region. The update appears in a June 22 energy sector wrap that highlights the JV’s final investment decision for the project, underscoring Angola’s continued role as a key upstream geography for European majors.

Eni separately announced the final investment decision for the same offshore Angola development, confirming that the project has moved beyond planning and into execution. The decision adds to the pipeline of sanctioned projects for both partners, providing clearer visibility on future production volumes and cash flow contribution from Angola.

How BP stock is positioned

On the New York Stock Exchange, BP’s American listing BP closed at 39.78 dollars on June 22, roughly 17.6 percent below its 52-week high of 48.27 dollars set on March 31, 2026, according to FT markets data. This places the shares in the lower half of their one-year trading range between 29.58 and 48.27 dollars, with the latest session showing an intraday high of 39.85 dollars and low of 39.21 dollars.

In London, BP shares last traded at 497.40 pence, around 18.4 percent under the 52-week high of 609.40 pence, also recorded on March 31, 2026. FT data show that the name has seen prior coverage from the Investors Chronicle, whose most recent recommendation in August 2025 was a Hold rating at 412 pence, indicating cautious but steady sentiment among UK-focused analysts.

Upcoming earnings and estimates

BP last reported first-quarter 2026 earnings on April 28, 2026, posting earnings per share of 1.24 dollars against a consensus expectation of 1.00 dollars, according to MarketBeat’s earnings summary. The 0.24 dollar beat suggested a stronger-than-expected profit contribution from upstream operations and trading activities in the quarter.

MarketBeat data also indicate that BP’s next earnings publication is estimated for August 4, 2026, based on the pattern of past reporting dates. While the company has not formally confirmed this date, the estimate offers investors a provisional timeline for the next set of quarterly figures and guidance commentary.

The product behind the stock

BP’s core business spans the production and marketing of oil and gas, but a notable product line is the Castrol branded lubricants portfolio, which covers engine oils and industrial lubricants sold globally through retail and B2B channels. Fitch recently assigned an expected BB rating with a stable outlook to Stonepeak Motion, associated with the Castrol business, underlining the financial profile of this segment within the broader BP ecosystem.

Where the stock trades today

BP shares (GB0007980591) trade primarily on the London Stock Exchange, where they last changed hands at about 497.40 pence, according to FT markets data. On the New York Stock Exchange, BP’s ADR closed at 39.78 dollars on June 22, 2026, placing the cross-listing within the lower half of its 52-week range.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any securities. Figures and dates are based on sources cited and may be subject to revision.