LeverageBP has the highest leverage in the sector, and current macro conditions put its plan to reduce net debt at risk, potentially leading to suspended buybacks.
Strategic ChallengesBP's strategy is facing increasing execution risk due to a lower oil price outlook, which may force the company to choose between reducing leverage or suspending buybacks and upstream growth ambitions.
ValuationBP's valuation isn't cheap, with near-term earnings estimates falling more than the sector, leading to a higher relative PE re-rating compared to its peers.