BP 6-K: 33 million-share buy-back sharpens EPS outlook
BP p.l.c. (BP) has filed a Form 6-K detailing daily share repurchases executed between 2 June and 30 June 2025 under the US$3.5 billion buy-back programme announced on 29 April 2025 (and reiterated on 11 February 2025). The filing aggregates 22 separate "Transaction in Own Shares" notices (Exhibits 1.1-1.22) plus one Director/PDMR shareholding notice (Exhibit 1.8).
Key figures:
- Total ordinary shares repurchased during the period: ≈33.16 million (sum of daily disclosures).
- Daily volumes ranged from 1.52 million – 1.65 million shares.
- Volume-weighted average purchase prices ranged from ≈358 pence to 393 pence per share.
- Indicative cash outlay (shares × VWAP range): ≈£120–£130 million, all shares to be held in Treasury.
Each daily notice confirms that the purchases were made on the London Stock Exchange and Cboe UK venues by Citigroup Global Markets Ltd acting as broker, in line with the shareholder authority granted at BP’s 2025 AGM. No shares were cancelled at this stage; transfer to Treasury stock preserves flexibility for future cancellation or employee share schemes.
Governance disclosure: Exhibit 1.8 reports immaterial acquisitions under the BP ShareMatch UK Plan – 7 shares by CFO Kate Thomson and 103 shares by a person closely associated with CEO Murray Auchincloss.
Strategic context: The June activity represents roughly one month of execution within the multi-quarter buy-back mandate and continues BP’s post-earnings capital-return policy of allocating 60 % of surplus cash flow to share repurchases. Reducing the free-float by 33 million shares (≈1.2 % of the 2.75 billion shares in issue at YE-24) is incrementally accretive to EPS and supports return-on-capital metrics.
Positive
- 33.16 million shares repurchased in June 2025, reducing the free-float and providing immediate EPS accretion.
- Execution price range 358-393 pence suggests management bought on market dips, indicating disciplined capital deployment.
- Programme aligns with stated 60 % surplus-cash return policy, reinforcing management’s shareholder-return commitment.
Negative
- None.
Insights
TL;DR: June buy-backs shrink share count by ~1.2 %, signalling strong cash generation and supporting EPS accretion; fundamentally positive.
The filing shows BP deployed roughly £125 million to repurchase 33 million shares at an average 370-380 pence. Combined with prior quarters, management is on track with its stated commitment to return 60 % of surplus cash via buy-backs. At a market cap near £70 billion, the June tranche equates to an annualised 2-3 % buy-back yield, adding 1–2 % to EPS assuming cancellation. The purchases were well-timed around recent price softness (sub-£3.90) and remain comfortably below the company’s disclosed 2025 cash breakeven of US$40 / bbl. Overall impact: positive capital-allocation signal, modest but tangible EPS leverage, and continued discipline post-energy-price volatility.
TL;DR: Routine MAR-compliant disclosures; no governance red flags detected.
The Form 6-K satisfies UK and EU Market Abuse Regulation requirements by itemising daily trades and reporting PDMR transactions within three business days. Brokered execution by Citigroup Global Markets limits market-manipulation risk. Treasury treatment of the shares preserves board flexibility. The PDMR acquisitions (110 shares in total) are de minimis and executed through an approved share-matching plan. No deviations from the AGM authority or the announced programme parameters are observed. Impact on governance assessment: neutral.
|
Exhibit
1.1
|
Transaction
in Own Shares dated 02 June 2025
|
|
Exhibit 1.2
|
Transaction
in Own Shares dated 03 June 2025
|
|
Exhibit
1.3
|
Transaction
in Own Shares dated 04 June 2025
|
|
Exhibit
1.4
|
Transaction
in Own Shares dated 06 June 2025
|
|
Exhibit
1.5
|
Transaction
in Own Shares dated 09 June 2025
|
|
Exhibit
1.6
|
Transaction
in Own Shares dated 09 June 2025
|
|
Exhibit
1.7
|
Transaction
in Own Shares dated 10 June 2025
|
|
Exhibit
1.8
|
Director/PDMR
Shareholding dated 11 June 2025
|
|
Exhibit
1.9
|
Transaction
in Own Shares dated 11 June 2025
|
|
Exhibit
1.10
|
Transaction
in Own Shares dated 12 June 2025
|
|
Exhibit
1.11
|
Transaction
in Own Shares dated 13 June 2025
|
|
Exhibit
1.12
|
Transaction
in Own Shares dated 16 June 2025
|
|
Exhibit
1.13
|
Transaction
in Own Shares dated 17 June 2025
|
|
Exhibit
1.14
|
Transaction
in Own Shares dated 18 June 2025
|
|
Exhibit
1.15
|
Transaction
in Own Shares dated 19 June 2025
|
|
Exhibit
1.16
|
Transaction
in Own Shares dated 20 June 2025
|
|
Exhibit
1.17
|
Transaction
in Own Shares dated 23 June 2025
|
|
Exhibit
1.18
|
Transaction
in Own Shares dated 24 June 2025
|
|
Exhibit
1.19
|
Transaction
in Own Shares dated 25 June 2025
|
|
Exhibit
1.20
|
Transaction
in Own Shares dated 26 June 2025
|
|
Exhibit
1.21
|
Transaction
in Own Shares dated 27 June 2025
|
|
Exhibit
1.22
|
Transaction
in Own Shares dated 30 June 2025
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,279,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
365.45
|
365.25
|
365.25
|
|
Lowest price paid per Share (pence):
|
359.85
|
360.10
|
360.00
|
|
Volume weighted average price paid per Share (pence):
|
362.5976
|
362.6008
|
362.5931
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
362.5976
|
1,279,000
|
|
Cboe (UK)/BXE
|
362.6008
|
140,000
|
|
Cboe (UK)/CXE
|
362.5931
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,282,500
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
365.35
|
364.85
|
364.90
|
|
Lowest price paid per Share (pence):
|
358.55
|
358.75
|
358.80
|
|
Volume weighted average price paid per Share (pence):
|
361.9458
|
361.8528
|
361.9019
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
361.9458
|
1,282,500
|
|
Cboe (UK)/BXE
|
361.8528
|
140,000
|
|
Cboe (UK)/CXE
|
361.9019
|
210,000
|
|
|
London
Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,277,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
365.00
|
364.95
|
365.00
|
|
Lowest price paid per Share (pence):
|
361.70
|
362.05
|
362.05
|
|
Volume weighted average price paid per Share (pence):
|
363.3398
|
363.4012
|
363.3544
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
363.3398
|
1,277,000
|
|
Cboe (UK)/BXE
|
363.4012
|
140,000
|
|
Cboe (UK)/CXE
|
363.3544
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,295,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
360.75
|
360.75
|
360.75
|
|
Lowest price paid per Share (pence):
|
356.05
|
356.15
|
356.10
|
|
Volume weighted average price paid per Share (pence):
|
358.5851
|
358.6640
|
358.6396
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
358.5851
|
1,295,000
|
|
Cboe (UK)/BXE
|
358.6640
|
140,000
|
|
Cboe (UK)/CXE
|
358.6396
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,291,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
361.30
|
361.30
|
361.35
|
|
Lowest price paid per Share (pence):
|
357.50
|
357.55
|
357.55
|
|
Volume weighted average price paid per Share (pence):
|
359.6491
|
359.6800
|
359.6753
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
359.6491
|
1,291,000
|
|
Cboe (UK)/BXE
|
359.6800
|
140,000
|
|
Cboe (UK)/CXE
|
359.6753
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,278,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
363.60
|
363.60
|
363.60
|
|
Lowest price paid per Share (pence):
|
359.20
|
359.50
|
359.35
|
|
Volume weighted average price paid per Share (pence):
|
361.7595
|
361.8085
|
361.7866
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
361.7595
|
1,278,000
|
|
Cboe (UK)/BXE
|
361.8085
|
140,000
|
|
Cboe (UK)/CXE
|
361.7866
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,255,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
373.00
|
373.00
|
373.00
|
|
Lowest price paid per Share (pence):
|
366.80
|
366.80
|
366.80
|
|
Volume weighted average price paid per Share (pence):
|
369.5596
|
369.4237
|
369.4753
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
369.5596
|
1,255,000
|
|
Cboe (UK)/BXE
|
369.4237
|
140,000
|
|
Cboe (UK)/CXE
|
369.4753
|
210,000
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
||
|
a)
|
Name
|
Kate Thomson
|
|
|
2
|
Reason for the notification
|
||
|
a)
|
Position/status
|
Chief financial officer / director
|
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
||
|
a)
|
Name
|
BP p.l.c.
|
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
||
|
a)
|
Description of the financial instrument, type of
instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
|
b)
|
Nature of the transaction
|
Shares acquired through participation in the BP ShareMatch UK
Plan
|
|
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
|
£3.622
|
7
|
||
|
d)
|
Aggregated information
- Volume
- Price
- Total
|
7
£3.622
£25.35
|
|
|
e)
|
Date of the transaction
|
10 June 2025
|
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
||
|
a)
|
Name
|
Julia Emanuele
|
|
|
2
|
Reason for the notification
|
||
|
a)
|
Position/status
|
Person Closely Associated with Murray Auchincloss, chief executive
officer / director
|
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
||
|
a)
|
Name
|
BP p.l.c.
|
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
|
4
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted
|
||
|
a)
|
Description of the financial instrument, type of
instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
|
b)
|
Nature of the transaction
|
Shares acquired through participation in the BP ShareMatch UK
Plan
|
|
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
|
£3.622
|
103
|
||
|
d)
|
Aggregated information
- Volume
- Price
- Total
|
103
£3.622
£373.07
|
|
|
e)
|
Date of the transaction
|
10 June 2025
|
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,237,500
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
376.95
|
376.90
|
376.90
|
|
Lowest price paid per Share (pence):
|
370.40
|
370.55
|
370.45
|
|
Volume weighted average price paid per Share (pence):
|
374.0509
|
374.0765
|
374.0612
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
374.0509
|
1,237,500
|
|
Cboe (UK)/BXE
|
374.0765
|
140,000
|
|
Cboe (UK)/CXE
|
374.0612
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,204,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
381.25
|
381.25
|
381.20
|
|
Lowest price paid per Share (pence):
|
376.75
|
377.05
|
377.05
|
|
Volume weighted average price paid per Share (pence):
|
379.1041
|
379.1661
|
379.1460
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
379.1041
|
1,204,000
|
|
Cboe (UK)/BXE
|
379.1661
|
140,000
|
|
Cboe (UK)/CXE
\
|
379.1460
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,170,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
388.50
|
388.50
|
388.50
|
|
Lowest price paid per Share (pence):
|
386.10
|
386.45
|
386.15
|
|
Volume weighted average price paid per Share (pence):
|
387.5998
|
388.0793
|
388.0774
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
387.5998
|
1,170,000
|
|
Cboe (UK)/BXE
|
388.0793
|
140,000
|
|
Cboe (UK)/CXE
|
388.0774
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,173,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
393.75
|
393.50
|
393.65
|
|
Lowest price paid per Share (pence):
|
379.30
|
379.35
|
379.35
|
|
Volume weighted average price paid per Share (pence):
|
386.0424
|
386.3384
|
386.2889
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
386.0424
|
1,173,000
|
|
Cboe (UK)/BXE
|
386.3384
|
140,000
|
|
Cboe (UK)/CXE
|
386.2889
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,164,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
391.30
|
391.15
|
391.15
|
|
Lowest price paid per Share (pence):
|
385.05
|
385.10
|
385.25
|
|
Volume weighted average price paid per Share (pence):
|
389.4609
|
389.3907
|
389.4131
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
389.4609
|
1,164,000
|
|
Cboe (UK)/BXE
|
389.3907
|
140,000
|
|
Cboe (UK)/CXE
|
389.4131
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,172,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
392.35
|
392.40
|
392.15
|
|
Lowest price paid per Share (pence):
|
385.45
|
385.75
|
385.40
|
|
Volume weighted average price paid per Share (pence):
|
389.9713
|
390.1632
|
390.1301
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
389.9713
|
1,172,000
|
|
Cboe (UK)/BXE
|
390.1632
|
140,000
|
|
Cboe (UK)/CXE
|
390.1301
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,171,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
393.30
|
393.30
|
393.30
|
|
Lowest price paid per Share (pence):
|
390.50
|
390.70
|
390.55
|
|
Volume weighted average price paid per Share (pence):
|
392.0687
|
392.0808
|
392.0896
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
392.0687
|
1,171,000
|
|
Cboe (UK)/BXE
|
392.0808
|
140,000
|
|
Cboe (UK)/CXE
|
392.0896
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,176,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
391.05
|
390.95
|
390.95
|
|
Lowest price paid per Share (pence):
|
385.15
|
385.05
|
385.05
|
|
Volume weighted average price paid per Share (pence):
|
388.6286
|
388.6756
|
388.6778
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
388.6286
|
1,176,000
|
|
Cboe (UK)/BXE
|
388.6756
|
140,000
|
|
Cboe (UK)/CXE
|
388.6778
|
210,000
|
|
|
London Stock Exchange
|
Cboe
(UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,179,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
391.65
|
391.65
|
391.50
|
|
Lowest price paid per Share (pence):
|
386.45
|
386.50
|
386.45
|
|
Volume weighted average price paid per Share (pence):
|
388.9045
|
389.0371
|
388.9709
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
388.9045
|
1,179,000
|
|
Cboe (UK)/BXE
|
389.0371
|
140,000
|
|
Cboe (UK)/CXE
|
388.9709
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,250,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
371.25
|
371.05
|
371.05
|
|
Lowest price paid per Share (pence):
|
362.50
|
362.45
|
362.50
|
|
Volume weighted average price paid per Share (pence):
|
368.0466
|
367.9078
|
367.9510
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
368.0466
|
1,250,000
|
|
Cboe (UK)/BXE
|
367.9078
|
140,000
|
|
Cboe (UK)/CXE
|
367.9510
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,254,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
371.35
|
371.30
|
371.25
|
|
Lowest price paid per Share (pence):
|
362.40
|
362.55
|
362.45
|
|
Volume weighted average price paid per Share (pence):
|
365.8475
|
365.9799
|
365.9261
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
365.8475
|
1,254,000
|
|
Cboe (UK)/BXE
|
365.9799
|
140,000
|
|
Cboe (UK)/CXE
|
365.9261
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,239,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
369.85
|
369.75
|
369.75
|
|
Lowest price paid per Share (pence):
|
362.40
|
362.45
|
362.45
|
|
Volume weighted average price paid per Share (pence):
|
366.8163
|
366.6925
|
366.7589
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
366.8163
|
1,239,000
|
|
Cboe (UK)/BXE
|
366.6925
|
140,000
|
|
Cboe (UK)/CXE
|
366.7589
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,223,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
371.55
|
371.55
|
371.50
|
|
Lowest price paid per Share (pence):
|
367.60
|
367.65
|
367.65
|
|
Volume weighted average price paid per Share (pence):
|
369.6860
|
369.6885
|
369.6682
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
369.6860
|
1,223,000
|
|
Cboe (UK)/BXE
|
369.6885
|
140,000
|
|
Cboe (UK)/CXE
|
369.6682
|
210,000
|
|
|
London Stock Exchange
|
Cboe (UK)/BXE
|
Cboe (UK)/CXE
|
|
Number of Shares purchased:
|
1,238,000
|
140,000
|
210,000
|
|
Highest price paid per Share (pence):
|
369.60
|
369.55
|
369.60
|
|
Lowest price paid per Share (pence):
|
364.70
|
364.70
|
364.70
|
|
Volume weighted average price paid per Share (pence):
|
366.6545
|
366.7205
|
366.7011
|
|
Venue
|
Volume-weighted
average price (pence)
|
Aggregated volume
|
|
London Stock Exchange
|
366.6545
|
1,238,000
|
|
Cboe (UK)/BXE
|
366.7205
|
140,000
|
|
Cboe (UK)/CXE
|
366.7011
|
210,000
|
|
|
BP
p.l.c.
|
|
|
(Registrant)
|
|
|
|
|
Dated: 01
July 2025
|
|
|
|
/s/ Ben
J. S. Mathews
|
|
|
------------------------
|
|
|
Ben J.
S. Mathews
|
|
|
Company
Secretary
|