BP faces renewed investor 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 last year, after oil prices fell for a third consecutive year. A sharp drop in crude prices late in 2025 is likely to weigh heavily on fourth-quarter results.
Incoming chief executive Meg O’Neill will face calls to define a clearer long-term strategy. Activist investors want BP to address declining demand for fossil fuels and limit future oil and gas spending. A shareholder resolution led by Australasian Centre for Corporate Responsibility and backed by pension fund Nest urges tighter controls on fossil fuel investment. Dutch activist group Follow This is also demanding greater transparency on how BP plans to create value in a low-demand future.
BP approved seven new oil and gas projects last year after scaling back renewable ambitions, with most delivered ahead of schedule. While analysts note BP shares have recently outperformed European rivals, activists argue new fossil fuel projects risk becoming financially unsustainable. The International Energy Agency expects oil demand to begin falling around 2030. Critics say BP’s shifting strategy has fuelled uncertainty and now requires a decisive reset.
