REG - BP PLC - Transaction in Own Shares

• British energy major BP is in advanced talks to sell its Castrol lubricants business to U.S. infrastructure investment group Stonepeak for more than $8 billion, the Financial Times reports, citing sources.
• No deal had been finalized, and talks could still collapse or other bidders emerge, the FT reports. BP put Castrol up for sale in February.
• Stonepeak and BP declined to comment, the FT says.

Full story: https://shorturl.at/OxXYw

Write to Mauro Orru at mauro.orru@wsj.com

By Joe Wallace, Margot Patrick and Ben Dummett

Brendan Nelson brings decades of experience to his new role as HSBC chairman, including as a top auditor to banks that later ran into trouble during the financial crisis.

The bank named the former KPMG executive as its new chair on Wednesday, after a yearlong search for outsiders failed to find a suitable candidate.

The appointment is widely seen as a stopgap because of Nelson's advanced age of 76 and his lack of experience in Asia, where the London-based bank makes a lot of its revenue.

The role, which Nelson had held on interim basis since October, is one of the most demanding in world finance, requiring extensive travel and diplomatic elan to bridge geopolitical divides between the east and west.

The Scot is best known in Britain for running KPMG's global financial services practice during the City of London's go-go years before the financial crisis, after which British lawmakers and others criticized auditors for signing off on failed lenders' financials.

Some of the U.K.'s biggest banks needed government bailouts in 2008 and 2009, and KPMG was caught up in the firestorm of blame. One KPMG client, HBOS, collapsed seven months after an unqualified audit.

Nelson audited HSBC, which didn't need state help but was criticized by some investors for being too slow to register losses from subprime loans, which swelled to more than $50 billion.

"I think the auditors have actually discharged their responsibilities diligently," Nelson told a parliamentary committee in 2009, when lawmakers were examining whether KPMG and its rivals had failed to pose tough questions to banks that were their clients. Nobody saw any clouds on the horizon until late 2007, Nelson said.

As HSBC chair, Nelson takes the reins of a bank whose challenges are less financial than geopolitical. As a financial bridge between east and west, the lender is more exposed than most to conflict, sanctions and the ups and downs of the West's relationship with China.

Nelson's post-financial crisis experience as a boardroom firefighter might serve him well. The Glaswegian was a director of Royal Bank of Scotland in the wake of a government bailout, and of BP as the oil major sought to recover from its Deepwater Horizon disaster.

In winning the job at HSBC, Nelson beat out former U.K. finance chief George Osborne and Goldman Sachs partner Kevin Sneader, said people familiar with the search. Both candidates made final pitches to the bank's board on Monday but lack experience at major public companies.

Nelson was also already in the building, having joined HSBC's board in 2023 before becoming interim chair this fall when his predecessor left the post early. That means he will already be familiar with HSBC's efforts to simplify its sprawling operations and sharpen its edge in the U.K. and Hong Kong.

As a Brit who has long mingled in London's establishment, he could help HSBC's French-Lebanese chief executive, Georges Elhedery, navigate the U.K.'s clubby financial and political scene.

Nelson also has experience dealing with U.S. authorities from his time at RBS, which during his tenure negotiated a $4.9 billion settlement with the Justice Department over the sale of toxic mortgage-backed securities. A person who worked closely with Nelson at the time said executives turned to him for advice during a turbulent period when the board held dozens of emergency meetings a year.

However, Nelson is less au fait with Asian finance and politics than his predecessor, Mark Tucker, a veteran of Hong Kong's insurance industry. That could be a hindrance for a company where the chair is expected to be as comfortable in Beijing as in Washington, D.C., and London.

Nelson probably wasn't first choice or he would have been appointed sooner, said Shore Capital analyst Gary Greenwood.

Nelson is expected by London financiers to hold the post only for a few years.

HSBC said he is the permanent pick having shown excellent leadership this fall. Under U.K. governance guidelines, his term on the board would typically run until 2032, when he will turn 83.

As recently as Tuesday, he was seen as a stopgap. Elhedery told a banking conference that Nelson had ruled out a full term of six to nine years given the stage of his career.

Less than a day later, HSBC had appointed Nelson to the role.

Within hours, attention in London had pivoted to his potential successor. One early favorite: Bill Winters, chief executive of Standard Chartered, another London-based bank with a big business in Asia.

HSBC approached Winters earlier in its search, and he declined, people familiar with the matter said. But Winters, a former JPMorgan Chase executive who was once in the frame to succeed Jamie Dimon, has run StanChart for a decade and indicated he's likely to serve about one more year.

Underlining HSBC's difficulty, though, a StanChart spokesman said Winters is "wholly focused on his role" and that "any suggestion otherwise is unfounded speculation."

Write to Joe Wallace at joe.wallace@wsj.com, Margot Patrick at margot.patrick@wsj.com and Ben Dummett at ben.dummett@wsj.com

BP p.l.c.

Transaction in Own Shares

BP p.l.c. (the "Company") announces that on 03 December 2025 it has purchased, in accordance with the authority granted by shareholders at the 2025 Annual General Meeting of the Company, a total of 1,495,824 of its ordinary shares of $0.25 each ("Shares") on the London Stock Exchange and Cboe (UK) as part of the buyback programme announced on 4 November 2025 (the "Programme") and as detailed below:

The Company intends to transfer these shares into Treasury in accordance with the authority granted by its shareholders at the Company's 2025 Annual General Meeting.

Following the above purchase of Shares, the Company will hold 841,635,760 ordinary shares in treasury and have 15,644,677,234 ordinary shares and 12,706,252 preference shares in issue (excluding Treasury shares).

The schedule below contains detailed information about the purchases made by Morgan Stanley and Co. International p.l.c. (intermediary code: MSLNGB2X) on the date of purchase as part of the Programme.

Further enquiries:

bp Investor Relations     +44(0) 207 496 4000

Schedule of Purchases

Shares purchased: BP p.l.c. (ISIN CODE: GB0007980591)

Aggregate information:

Individual transactions:

To view details of the individual transactions, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/1479K_1-2025-12-3.pdf

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BP p.l.c.

Transaction in Own Shares

BP p.l.c. (the "Company") announces that on 02 December 2025 it has purchased, in accordance with the authority granted by shareholders at the 2025 Annual General Meeting of the Company, a total of 1,495,036 of its ordinary shares of $0.25 each ("Shares") on the London Stock Exchange and Cboe (UK) as part of the buyback programme announced on 4 November 2025 (the "Programme") and as detailed below:

The Company intends to transfer these shares into Treasury in accordance with the authority granted by its shareholders at the Company's 2025 Annual General Meeting.

Following the above purchase of Shares, the Company will hold 838,644,900 ordinary shares in treasury and have 15,647,668,094 ordinary shares and 12,706,252 preference shares in issue (excluding Treasury shares).

The schedule below contains detailed information about the purchases made by Morgan Stanley and Co. International p.l.c. (intermediary code: MSLNGB2X) on the date of purchase as part of the Programme.

Further enquiries:

bp Investor Relations     +44(0) 207 496 4000

Schedule of Purchases

Shares purchased: BP p.l.c. (ISIN CODE: GB0007980591)

Aggregate information:

Individual transactions:

To view details of the individual transactions, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/9504J_1-2025-12-2.pdf

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.  END  POSUUVNRVNUURAA

By Adria Calatayud

BP walked away from plans for a hydrogen hub in northern England, paving the way for a rival project to build a data center at a former steelworks site.

The U.K. energy group pulled its application for permission to develop the project--called H2Teesside--on Monday, citing a plan to bring forward a data center that resulted in a conflict over the same land.

"Due to material changes in circumstances on the Teesworks site, including a planning application being granted locally for a data center on the same piece of land, we have taken the decision not to progress the development of H2Teesside and have withdrawn our development consent order application for the project," BP said.

The withdrawal came after delays to a U.K. government decision on its application, after plans for a data center gained support from local authorities.

BP's decision to abandon the U.K. hydrogen project comes at a time when the company is scaling back efforts to pivot away from fossil fuels into renewable energy, and returning to oil-and-gas production in a bid to win over investors.

The company unveiled its plans for the project in 2021, with the goal of building one of the largest production sites of so-called blue hydrogen--produced using fossil fuels as an energy source--in the U.K., alongside a carbon-dioxide capture-and-storage facility. It aimed to reach 1.2 gigawatts of hydrogen production, or 10% of the U.K. government's 2030 target, and to supply customers already established in the region as well as new businesses, according to its website.

BP said it continues to move forward with other projects on Teesside, including its investments in Net Zero Teesside Power, a power plant with integrated carbon capture, and the Northern Endurance Partnership, a carbon capture-and-storage project.

Write to Adria Calatayud at adria.calatayud@wsj.com

BP p.l.c.

Transaction in Own Shares

BP p.l.c. (the "Company") announces that on 28 November 2025 it has purchased, in accordance with the authority granted by shareholders at the 2025 Annual General Meeting of the Company, a total of 1,560,557 of its ordinary shares of $0.25 each ("Shares") on the London Stock Exchange and Cboe (UK) as part of the buyback programme announced on 4 November 2025 (the "Programme") and as detailed below:

The Company intends to transfer these shares into Treasury in accordance with the authority granted by its shareholders at the Company's 2025 Annual General Meeting.

Following the above purchase of Shares, the Company will hold 837,150,897 ordinary shares in treasury and have 15,649,162,097 ordinary shares and 12,706,252 preference shares in issue (excluding Treasury shares).

The schedule below contains detailed information about the purchases made by Morgan Stanley and Co. International p.l.c. (intermediary code: MSLNGB2X) on the date of purchase as part of the Programme.

Further enquiries:

bp Investor Relations         +44(0) 207 496 4000

Schedule of Purchases

Shares purchased: BP p.l.c. (ISIN CODE: GB0007980591)

Aggregate information:

Individual transactions:

To view details of the individual transactions, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/5157J_1-2025-11-28.pdf

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.  END  POSUWVNRVAUAUAA