Guardian | BP will face pressure from shareholders to prove it can leave a turbulent period in the past as it prepares to reveal its full-year results this week.
The company is expected to follow industry rivals by reporting weaker annual profits after global oil prices fell for a third consecutive year in 2025, in the steepest decline recorded since the Covid pandemic.
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However, shareholder activists and green groups are preparing to oppose BP’s fresh investments in new fossil fuel projects. They argue the projects will not prove to be financially sustainable as electric vehicles and that the shift to clean energy erodes demand for oil and gas.
“The new chief executive needs to come up with a strategy to address the world’s declining oil and gas markets,” said Mark van Baal, the founder of Follow This.
The International Energy Agency expects oil demand to begin falling from about 2030 in all but its most conservative outlook for global energy use.
Follow This said the new resolution, which was filed ahead of BP’s annual meeting in April, would increase shareholder pressure and focus attention on the financial unsustainability of fossil fuel business models.
“In recent years the strategy has been shaky; shifting from left to right,” Van Baal said. “In our opinion they didn’t fail because, as they suggested, they went too far too fast on green energy. They failed because their strategy was completely unclear.”
