BP’s stock jumps on Wall Street Journal report of Shell deal talks. Here’s how the deal could work.

A recent attempt by BP to shift its strategy to focus more on oil and gas production over renewables was not warmly greeted by investors

Last Updated: June 25, 2025 at 12:53 p.m. ET
First Published: June 25, 2025 at 12:14 p.m. ET

BP reportedly is in talks to merge with Shell. Photo: ben stansall/Agence France-Presse/Getty Images

BP’s stock rallied on Wednesday, and shares of Shell fell, after the Wall Street Journal reported the two companies were holding merger talks.

U.S.-listed shares of BP BP jumped 7%, while Shell shares SHEL fell 3%. Any combination would likely come in the form of a stock swap, though it’s possible some cash could be included.