BP faces renewed pressure from shareholders as it prepares to publish full-year results expected to show weaker profits. Analysts forecast earnings of about $7.5bn, down from nearly $9bn in 2024, after falling oil prices dragged crude below $60 a barrel late last year. Investors want reassurance that BP can move beyond years of strategic turbulence, especially after its recent shift back toward fossil fuels.
Incoming chief executive Meg O’Neill will face demands to outline a clear long-term strategy. Activist investors, including the group Follow This, want BP to explain how it will create value as global demand for oil and gas declines. Other shareholders have filed resolutions calling for tighter control of spending on new oil and gas projects.
BP launched seven new fossil fuel projects last year, despite warnings that long-term demand may fall as clean energy expands. Analysts at Citi say BP’s share price has recently outperformed rivals, but note growing competition from Shell. The International Energy Agency expects oil demand to start declining around 2030, adding urgency to calls for BP to clarify its direction.
