What is the amount and context of BP's latest energy transition writedown, and how does it fit into the company's broader strategic shift?

BP expects to write down another $1 billion from energy transition assets in the second quarter, continuing its strategic re-orientation toward its core oil and gas business. This follows up to $5 billion in earlier energy transition writedowns this year. The move aligns with new CEO Meg O’Neill’s leadership reset since April 1, which includes reorganizing leadership and reporting structures and consolidating authority after the departures of the chairman, trading boss, and deputy CEO.

How did BP's oil and gas trading performance compare between the first and second quarters, and what does this indicate about its near-term operational focus?

BP reported that oil trading—described as a cornerstone of the company—gained 'slightly' in the second quarter compared to what was an 'exceptional' first quarter, while gas trading was in line with an 'average' first quarter. This signals continued emphasis on and relative strength in its traditional hydrocarbon trading operations amid its broader pivot away from low-carbon investments.

BP Flags $1 Billion Writedown From Low Carbon Business

Jul 13, 2026

BP Plc anticipates a $1 billion writedown on energy transition assets as it pivots back toward core oil and gas operations under new leadership. The company also reported reduced debt despite lower overall production due to maintenance and disruptions.

bloomberg

2026-07-13

BP Flags $1 Billion Writedown From Low Carbon Business

BP Flags $1 Billion Writedown From Low Carbon Business

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