BP faces fresh investor pressure as it prepares to publish full-year results. Analysts expect profits to fall to about $7.5bn after weaker oil prices. Crude dropped below $60 a barrel late last year, hurting fourth-quarter earnings.
Incoming chief executive Meg O’Neill must outline a clear strategy after years of uncertainty. Shareholders want clarity following BP’s retreat from renewables back to oil and gas. Activist investors, led by Follow This and the Australasian Centre for Corporate Responsibility, demand limits on future fossil fuel spending.
BP launched seven new oil and gas projects last year, most ahead of schedule. Critics argue these investments risk becoming unprofitable as clean energy expands. The International Energy Agency expects global oil demand to decline from around 2030.
Analysts say BP’s recent share price performance has improved but warn rivals like Shell could gain further value from new discoveries. Activists say BP needs a stable, long-term plan to survive a shrinking fossil fuel market.
