BP steps up cost cutting as profits slide

BP reported a drop in annual profits to $7.5 billion for 2025, down from $8.9 billion the previous year, due to falling crude oil prices. In response, the company is increasing its cost-cutting target to $5.5-$6.5 billion by the end of 2027, suspending its share buyback program, and reducing spending to strengthen its finances. BP is shifting its strategy to refocus on oil and gas operations after previously investing in renewable energy. Meg O'Neill, formerly of Woodside Energy, will become the new CEO in April, the first woman to lead a major global oil firm. The company is under pressure from shareholders due to underperformance and aims to reduce its $22 billion debt.