BP shares fell on Tuesday after the oil major halted share buybacks amid falling profits and weaker performance across most business units.

BP reported a fourth-quarter underlying replacement cost profit of $1.5 billion, down from $2.2 billion in the previous quarter, as lower upstream realizations and reduced refinery throughput weighed on performance.

The company posted a reported loss of $3.4 billion for the quarter, compared with a profit of $1.2 billion in Q3, after accounting for inventory holding losses and net impairments of around $4 billion related to its gas and clean energy transition businesses, as the group front-loaded its retreat from lower emissions business accelerated.

Across BP’s operating segments, gas & low carbon energy delivered an underlying profit before interest and tax of $1.4 billion, down from $1.5 billion in the third quarter, reflecting lower realisations and an average gas marketing and trading result.

Oil production & operations saw underlying profit before interest and tax fall to $2.0 billion from $2.3 billion, impacted by lower realizations, production mix effects, and reduced income from equity-accounted entities, though this was partly offset by lower exploration write-offs.

Customers & products segment posted underlying profit before interest and tax of $1.3 billion, down from $1.7 billion, as weaker midstream performance, including a temporary outage at the Whiting facility, offset stronger refining margins.

“BP’s fourth-quarter results showed relative resilience in a weak pricing environment. Net debt is down again after a spike in the third quarter, but on a 12-month view, it’s not budged much,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“Management is taking some decisive action to fix the balance sheet, scrapping the buyback, doubling down on non-core disposals and upping structural cost-savings targets to $5.5-6.5bn by the end of next year. 

“In an effort to clear the decks ahead of the arrival of new CEO Meg O’Neill on 1^st April, BP’s also written down its underperforming solar and renewable natural gas businesses by around $4bn. This leaner meaner approach could pave the way for more sustainable payouts to shareholders further down the line, but with investment spend coming down, investors will want some assurance on BP’s plans to remain an energy leader over the long-term.”

Jangada Mines (LON: JAN) has secured an option to acquire 100% of the Molly gold project in Tapajos Brazil. Once the agreement is signed there will be a cash payment of $100,000 and shares issued worth $250,000. There will be a further cash and shares payment of $650,000 after one year plus resource-based payments. The initial JORC inferred resource is 130,000 ounces of gold but gold mineralisation is more extensive than the past drilling indicates. The share price increased 17.2% to 1.7p.

Cosmetics supplier Warpaint London (LON: W7L) has acquired the Barry M brand from the administrator for £1.4m, but 2025 figures will be just below expectations. Cavendish has cut its 2025 pre-tax profit forecast from £20.7m to £19.2m, although the 2026 figure is maintained at £26m. Net cash was better than expected at £16m. Barry M is a value cosmetics brand and had revenues of £15m. It is likely to be loss making. The share price recovered 8.75% to 217.5p.

Pathos Communications (LON: NEWS) has entered a partnership with Flippa.com, a marketplace for buying and selling online businesses. This will allow the latter’s 1.6 million registered users to become a client of Pathos Communications’ PR services. This is part of an invitation-only Flippa partner programme. The share price is 7.84% higher at 27.5p. The December placing price was 30p.

More positive new for Fulcrum Metals (LON: FMET) concerning gold and other product recoveries at the Teck Hughes tailings project. Gold recovery has been increased to 78% with up to 95% silver recoveries. There are also high recovery rates for tellurium and copper and 20% recoveries of gallium – that could be improved. There is a potential recoverable value of more than $550m of all these metals. Further testing will be undertaken. The share price rose 5.71% to 9.25p, which is near to its high for the year.

Power Metal Resources (LON: POW) says drilling will start at the Badger Lake uranium property in Canada on 1 March. The joint venture will undertake 2,100 metres of drilling testing two shear zones and the S-Zone, which differs from most unconformity-related uranium targets in the Athabasca Basin. The share price improved 3.13% to 16.5p.

FALLERS

Phoenix Copper (LON: PXC) has suspended chief executive Marcus Edwards-Jones and finance director Richard Wilkins due to their recent conduct and past payments. A n investigation is underway. The company has limited cash available, and it will last until the second quarter of 2026. The share price slumped 47.5% to 1.05p, having been below 1p earlier in the day.

ADM Energy (LON: ADME) returned from suspension down 36.4% to 0.0035p after annual accounts and subsequent interims were published. There was £1,000 in cash at the end of 2025. The company’s name is being changed to Vega Energy.

Cora Gold (LON: CORA) is raising £12.9m-£13.7m through a subscription by Singapore-based Eagle Eye Asset Holdings at 6p/share. There will be a retail offer to raise up to £2m. Eagle Eye’s investment will depend on the take up of the retail offer, so that it does not go above 29.9%. The definitive feasibility study for the company’s Sanankoro project in south Mali indicated a NPV8% of $221m, but that was at a gold price of $2,750/ounce. The money raised covers nearly 50% of the cash required to construct the mine. The share price fell 18.6% to 8.75p.

Despite mixed performances from different sectors filtration technology supplier Porvair (LON: PRV) improved margins and profit in the year to November 2026. Porvair’s wide spread of markets offset weakness in some areas. Porvair has a good growth record and is involved in growing markets.

Full year revenues edged up 1% to £194m, while pre-tax profit improved from £22.7m to £25.1m. the total dividend was raised from 6.3p/share to 6.7p/share. That is more than six times covered by earnings.

The improvement in profit came from the laboratory, helped by strong environmental demand, and metal melt quality divisions, even though the latter had lower reported revenues due to currency movements.

The aerospace and industrial division maintained its profit on slightly lower revenues. There are signs that industrial demand may recover and areas such as nuclear are doing well.

The aerospace market is set to grow at 4%+ annually and the aluminium market at a similar rate. The environmental market is likely to grow even faster.

Cash generation remains strong and more than covers capital investment and the dividend. Net cash was £22.9m at the end of November 2025.

At the beginning of the year, Porvair paid €20.5m for Drache, which fits well with the metal melt quality division. It increases exposure to Europe and while it is profitable there is scope to improve margins.

The share price has risen 9p to 869p, which is just over 20 times earnings. That reflect the growth sectors that Porvair is involved in and the strong tract record. The benefits of the latest acquisition may not show through this year, but it should provide a long-term boost and there is potential for further acquisitions.

Warpaint London announced on Monday that it had acquired the Barry M brand out of administration for £1.4 million in cash, alongside a trading update.

Barry M is an established value cosmetics brand with significant retail distribution across more than 1,300 stores, including Superdrug, Boots, Sainsbury’s, and Tesco, as well as direct-to-consumer online sales. The brand generated approximately £15 million in revenue in the year ended 28 February 2025.

The acquisition will be funded from existing cash resources. Warpaint reported cash balances of £18 million as at 31 January 2026, up from £9 million the previous year, demonstrating a strong balance sheet position.

Warpaint released a trading update alongside its acquisition, announcing that it expects full-year revenue of approximately £105 million for FY25, up from £102 million last year, at an improved gross margin, including a £12 million contribution from Brand Architekts.

Although revenues increased, the group was hindered by the closure of Bodycare, a significant customer, challenging consumer conditions, and US tariff uncertainty, resulting in stalled momentum in America.

Adjusted EBITDA for FY25 is expected to reach approximately £22 million, down from £25 million in 2024, impacted by these factors.

Warpaint noted that after losing £1 million in 2024, its Brand Architekts business generated a positive Adjusted EBITDA contribution of £0.8 million in FY25 following successful integration and delivery of expected year-one synergies.

Warpaint shares were 1% higher at the time of writing.

Phoenix Copper shares sank on Monday after announcing it had suspended two senior board members and warned it was running out of cash.

Executive Chairman Marcus Edwards-Jones and CFO Richard Wilkins have been suspended with immediate effect whilst investigations are conducted into allegations concerning their recent conduct and historic payments to the company’s former corporate finance adviser, Lloyd Edwards-Jones S.A.S.

The AIM-quoted US-focused base and precious metals company said its board is conducting investigations with input from professional advisers, with a further announcement expected once the investigations are concluded.

Phoenix has implemented interim financial oversight arrangements and is advancing the appointment of an interim CFO to minimise operational disruption. Catherine Evans, Chair of the Audit Committee, and Ryan McDermott, CEO, will support the interim arrangements, along with other board members and senior management.

In addition to announcing the suspension of two senior executives, investors also received the news that Phoenix currently has limited working capital, with existing cash balances expected to cover only until early Q2 2026 without additional funding.

Phoenix said it is evaluating both short and long-term funding options and will update shareholders on its fundraising strategy in due course.

Discussions with Riverfort Global Opportunities regarding a short-term loan facility remain ongoing following the announcement on 27 January 2026.

Phoenix has a $2.1 million convertible loan note facility with Indigo Capital that has been used to repay Riverfort’s loan facility, but it is almost fully used.

Phoenix Copper shares traded above 5p at the start of 2025, but persistent funding issues have seen them drop to below 1p today.

NatWest Group has acquired Evelyn Partners from Permira and Warburg Pincus for £2.7 billion, creating what it says is the UK’s leading private banking and wealth management business.

The deal combines Evelyn Partners’ £69 billion in assets under management with NatWest’s £59 billion, bringing total AUMA to £127 billion.

“Bringing together these two leading businesses creates a unique opportunity to provide financial planning, savings and investment services to more families and people across the UK. We look forward to welcoming our new clients and working with our colleagues at Evelyn Partners to transform the services our 20 million customers across the Group can expect from us,” said Paul Thwaite, Chief Executive of NatWest Group.

“At a time when the benefits of saving and investing are increasingly part of the national conversation, we can help customers to make more of their money through a broader range of services, as well as helping to drive growth and investment across the economy.”

NatWest successfully fought off interest from other parties to secure the deal. Barclays and RBC Brewin Dolphin were reportedly interested in acquiring Evelyn. And for good reason.

The acquisition transforms NatWest’s investment offering for its 20 million customers and increases fee income by approximately 20% before revenue synergies.

Evelyn Partners, operating for 180 years, offers an integrated wealth management model that includes financial planning, discretionary investment management, and the BestInvest platform.

NatWest expects annual cost synergies of around £100 million, equivalent to 10% of the combined cost base, with implementation costs of £150 million.

Alongside the acquisition, NatWest announced a £750 million share buyback, maintaining its track record of capital returns to shareholders. The ordinary dividend payout ratio of around 50% remains unchanged.

NatWest shares were 3% lower at the time of writing on Monday.