BP Under Pressure to Reset Strategy as Profits Slide

BP faces shareholder pressure as it prepares to publish weaker full-year results.
Analysts expect profits to fall to about $7.5bn after declining oil prices hit earnings.
Incoming chief executive Meg O’Neill must outline a clear strategy to end years of instability.
Investor groups including Follow This and Nest want limits on future oil and gas spending.
BP recently refocused on fossil fuels, launching seven new projects after retreating from renewables.
Citi says BP’s shares outperformed rivals, though Shell may gain further value from new discoveries.
Activists warn long-term demand will fall, citing forecasts from the International Energy Agency.