On July 23, BP PLC rose 3.02% in pre-market trading, trading at $44.63/share, with turnover of $4.53 million. The move was driven by reports that Shell, TotalEnergies, and BP are negotiating a long-term LNG supply agreement with Egypt for 15 to 18 cargoes per month over a contract term of at least three years.

Simultaneously, BP has been aggressively advancing its portfolio restructuring in recent weeks. The company agreed to sell its Austrian mobility and EV charging business covering 250 stations to Volenergy AG, divested its 37.2% stake in Canada's Bay du Nord deepwater project to Equinor, and unveiled a multi-billion-dollar Iraq investment plan alongside ConocoPhillips, under which ConocoPhillips will acquire a 42% interest in BP's Kirkuk joint venture overseeing four large-scale producing oil fields. BP also sold minority stakes in over 10 portfolio companies to Verdane, reflecting its strategic pivot back to core oil and gas operations while shedding low-carbon and non-core assets.

The broader integrated oil and gas sector traded higher, with Shell up 2.19%, TotalEnergies up 2.56%, Exxon Mobil up 1.46%, Occidental up 1.74%, and Chevron up 1.18%.

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