BP faces growing pressure from shareholders as it prepares to publish full-year results this week. Analysts expect weaker profits after a third consecutive year of falling oil prices, with earnings forecast at about $7.5bn, down from nearly $9bn in 2024. A sharp drop in crude prices late last year is expected to hit fourth-quarter results.
Incoming chief executive Meg O’Neill is under pressure to outline a clearer long-term strategy. Investor groups want BP to explain how it will manage spending on oil and gas as demand weakens. Activists led by Australasian Centre for Corporate Responsibility and supported by Nest have filed a resolution calling for tighter controls on fossil fuel investment. Dutch group Follow This is also demanding clarity on how BP will create value in a declining fossil fuel market.
BP recently approved seven new oil and gas projects after scaling back its renewables push. The company says the shift improved performance, and Citi notes BP shares have outperformed European rivals. However, activists warn new fossil fuel projects risk becoming financially unsustainable as clean energy expands. The International Energy Agency expects global oil demand to start falling around 2030, intensifying calls for BP to stabilise its strategy after years of change.
