BP announced plans on July 20, 2026, to streamline operations by divesting non-core assets. The company agreed to sell its Austrian mobility, convenience, and electric vehicle charging businesses to Volenergy AG. This transaction includes 250 retail sites.
BP is also closing BP Ventures, its corporate venture capital unit established 20 years ago. Private equity firm Verdane will acquire the majority of the unit's investment portfolio.
These divestments prioritize primary oil and gas operations over renewable technology investments. Mizuho initiated coverage on BP with an Outperform rating following the announcement. The bank cited sustainable upstream cash flow growth as a primary driver for the positive outlook.