BP Faces Investor Pressure to Set New Strategy

BP faces mounting pressure to outline a clear strategy 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 falling oil prices hit fourth-quarter results. Incoming chief executive Meg O’Neill must reassure investors after BP shifted back toward fossil fuels and approved seven new oil and gas projects. Shareholder groups including Follow This and the Australasian Centre for Corporate Responsibility want limits on future fossil fuel spending and clearer plans for declining demand. Citi said BP’s recent share performance suggests a possible change in narrative, but warned rivals like Shell could gain ground through new discoveries. Campaigners argue BP’s strategy has lacked clarity and say the International Energy Agency expects oil demand to fall from around 2030, increasing pressure for change.