BP faces mounting shareholder pressure as it prepares to publish full-year results this week. Analysts expect weaker profits after global oil prices fell for a third consecutive year. Forecasts put annual profits at about $7.5bn, down from nearly $9bn in 2024.
Falling crude prices dragged down fourth-quarter earnings after oil slipped below $60 a barrel. Investors now want clarity on BP’s future direction after years of strategic shifts. Incoming chief executive Meg O’Neill faces calls to set out a credible long-term plan.
Activist shareholders want BP to curb spending on new oil and gas projects. A resolution led by Australasian Centre for Corporate Responsibility urges tighter control of fossil fuel investment. Dutch group Follow This also demands transparency on BP’s strategy under declining fossil fuel demand.
BP approved seven new oil and gas projects last year after refocusing on fossil fuels. The company scaled back renewable ambitions to boost short-term performance. Citi analysts say BP’s share price has recently outperformed European rivals.
Campaigners warn new fossil fuel projects risk becoming unprofitable as clean energy grows. International Energy Agency expects global oil demand to fall from around 2030. Activists argue BP’s past problem was unclear strategy, not moving too fast on green energy.
