BP faces fresh pressure from shareholders as it prepares to publish full-year results. Analysts expect weaker profits after oil prices fell for a third straight year, with forecasts around $7.5bn, down from nearly $9bn in 2024. Investors want clarity on strategy as Meg O’Neill prepares to take over as chief executive in April.
Activist shareholders, including Follow This and the Australasian Centre for Corporate Responsibility, want BP to explain how it will manage spending on oil and gas as demand declines. They argue recent moves back toward fossil fuels, including seven new projects last year, risk long-term financial weakness. BP says several projects were delivered early, and analysts note its shares have recently outperformed European rivals, though Shell may gain ground after exploration success in Brazil.
Campaigners warn electric vehicles and clean energy will erode oil demand, citing forecasts from the International Energy Agency that expect demand to fall after 2030. They say BP’s repeated strategic shifts have created uncertainty and are calling for a clearer plan before the company’s annual meeting in April.
