BP profits fall after oil prices drop

BP has reported a drop in annual profits after the business was hit by the fall in oil prices last year.

The oil giant reported profits of $7.5bn (£5.5bn) in 2025, down from $8.9bn the year before, after the price of crude fell by about 20%.

BP also said it was suspending its share buyback programme in order to strengthen its balance sheet.

The results come ahead of the arrival of its new boss, Meg O'Neill, who will take up the position in April.

O'Neill, formally head of Australian oil and gas firm Woodside Energy, will be the the first woman to run a major global oil firm.

Carol Howle, BP's current interim chief executive, said the company looked forward to O'Neill's arrival "as we accelerate our progress to build a simpler, stronger and more valuable BP for the future".

The company has come under pressure from its shareholders for underperforming compared to its rivals in recent years.

A year ago, BP announced a change in strategy as it cut planned investments in renewable energy projects and said it would spend billions of dollars more a year to refocus on its core oil and gas operations.