BP faces renewed shareholder pressure 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 oil prices fell for a third straight year. Crude dipped below $60 a barrel late in 2025, hitting fourth-quarter results.
Incoming chief executive Meg O’Neill will be pressed to outline a clearer strategy as investors question BP’s recent shift back toward fossil fuels. Activist shareholders, including groups led by the Australasian Centre for Corporate Responsibility and Follow This, want limits on oil and gas spending and plans for a future with declining demand. BP launched seven new oil and gas projects last year, reversing earlier moves into renewables.
While Citi notes BP shares have outperformed European rivals, activists argue new fossil investments risk becoming unsustainable as clean energy grows. International Energy Agency forecasts oil demand falling from around 2030. Follow This says BP’s strategy has lacked clarity and urges a decisive plan to navigate long-term decline in fossil fuels.
