A BP breakup has the support of some members of the oil major’s board, Semafor reported on 28 October 2026. It cited people familiar with the matter. However, BP rejected the report outright, and a company spokesperson called it “categorically false”.
According to Semafor, the board has made no decision, and the full board has yet to discuss a split formally. Moreover, chief executive Meg O’Neill appears to oppose the idea, one of the people said. The $129bn company could also choose not to go ahead with any plan.
Why a BP breakup is on the table
Semafor said the idea follows years of smaller spin-offs and asset sales. So far, these have failed to ease investor pressure for higher returns. For example, BP has recently sold or weighed selling stakes in US pipelines and onshore wind farms. It has done the same with North Sea production and venture capital start-ups. It has also looked at slimming its retail business. O’Neill calls her plan a drive for a “simpler, stronger, more valuable BP”.
Activist investor Elliott is also watching closely. It has urged BP to raise free cash flow, sell its renewables business and improve shareholder returns. Elliott pushed for a relisting at miner BHP in the past, but it has not done so at BP, Semafor noted. How big shareholders would react to a split remains unknown.
Debt falls as oil prices soar
The report lands as high oil and gas prices transform BP’s finances. On 13 October 2026, BP said net debt should fall to $13.5bn-$14.5bn at the end of September 2026. That compares with $22.3bn at the end of June 2026. That already meets its earlier goal of $14bn-$18bn by the end of 2027, RTÉ reported.
Earnings have also jumped. BP’s underlying replacement cost profit rose about 78% to $5.7bn in the second quarter of 2026. As a result, first-half 2026 underlying profit reached nearly $9bn, against $3.7bn a year earlier. Still, BP expects another $3bn-$4.5bn write-down on its clean energy businesses in the third quarter of 2026. The charge reflects its shift back towards oil and gas.
What a BP breakup could mean
A split could reshape the industry and set off a rush for assets among the other oil majors, Semafor said. In addition, it could anger the UK government if a break-up led BP to relist in the US. BP is one of Britain’s largest listed companies. Meanwhile, the London Stock Exchange keeps losing key listings to the US.
The leadership is also new. O’Neill took over as chief executive in April 2026, replacing Murray Auchincloss. Meanwhile, Ian Tyler became chair after the removal of Albert Manifold earlier this year.
What comes next for BP
BP reports its third-quarter results on Friday 30 October 2026. Analysts will look for any comment on the report, as well as updates on debt and asset sales. Then, on 15 December 2026, O’Neill will set out her first full strategy in New York. That event will show whether BP sticks with one company or moves towards a split. For context on how rivals are faring this results season, see Equinor’s third-quarter 2026 results.
For a deeper analysis, read: BP Sum of the Parts: Why a Breakup Looks Best at the Top of the Refining Cycle
