BP Urged to Reset Strategy as Profits Fall and Pressure Mounts

BP faces growing pressure to end years of strategic turbulence as it prepares to publish full-year results. Analysts expect weaker profits of about $7.5bn, down from nearly $9bn last year, after falling oil prices cut earnings. Investors want clarity from incoming chief executive Meg O’Neill, who takes over in April, as shareholder groups push BP to plan for declining fossil fuel demand. Activists from Follow This and others want limits on oil and gas spending and clearer plans for long-term value as demand falls. BP recently shifted back toward fossil fuels, starting seven new projects, but critics argue these investments risk becoming unviable as clean energy grows. While BP shares have outperformed some rivals, analysts note competitors such as Shell may gain further value from new discoveries. With the International Energy Agency expecting oil demand to decline after 2030, investors are calling on BP to present a stable, credible strategy for the future.