BP reported a profit of $7.5 billion in 2025, down from $8.9 billion the previous year. This 15% drop came after crude oil prices fell about 20%. The oil giant also paused its share buyback program and increased its cost-saving goals. BP plans to save between $5.5 billion and $6.5 billion by 2027, up from its earlier target of $5 billion. In the last three months of 2025, BP’s profits dropped 30% to $1.54 billion. This period saw Brent crude prices fall below $60 a barrel for the first time in over four years. Rival Shell also reported a 22% profit fall, with earnings of $18.53 billion. BP's new CEO, Meg O'Neill, will start in April. She is the first woman to lead a major global oil company. O'Neill was previously the head of Woodside Energy in Australia. BP’s interim CEO, Carol Howle, said, "We look 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 been under pressure from shareholders for lagging behind competitors. In 2024, the company cut back on renewable energy plans and focused more on oil and gas. BP aims to reduce its $22 billion debt amid uncertain times. The previous boss, Murray Auchincloss, left after less than two years. He replaced Bernard Looney, who was ousted in 2023 over "serious misconduct".