bp has reported a fall in annual profits after being hit by last year’s drop in oil prices, as the energy giant moves to rein in costs and suspend shareholder buybacks.
The company posted profits of $7.5 billion (€6.3 billion) for 2025, down from $8.9 billion (€7.5 billion) the previous year, after crude prices fell by around 20%.
The oil and gas giant said it would pause its share buyback programme and raise its cost-saving ambitions.
The results come just weeks before Meg O’Neill takes over as chief executive in April. O’Neill, formerly head of Australia’s Woodside Energy, will become the first woman to lead a major global oil company.
Carol Howle, the interim chief executive, said the company was looking forward to O’Neill’s arrival “as we accelerate our progress to build a simpler, stronger and more valuable BP for the future”.
bp has faced mounting pressure from shareholders over recent years after underperforming relative to its peers.
Last year, the group announced a strategic shift, cutting planned investment in renewable energy while committing billions of dollars more annually to its core oil and gas business.
bp profits slide as oil price slump prompts cost cuts
