BP has paused its share buy-back program after reporting a drop in annual profits for 2025. The company's underlying earnings fell to just below $7.5 billion, down from nearly $9 billion in 2024. This drop follows three straight years of falling global oil prices, hitting the steepest decline since the COVID-19 pandemic. For the first time since early in the pandemic, BP will suspend quarterly share buy-backs to strengthen its balance sheet. The halt puts pressure on BP to win investor trust with a new strategic plan after a failed push toward green energy. Incoming CEO Meg O’Neill, formerly head of Woodside Energy, will start in April as BP’s third CEO in three years. She is expected to bring strict discipline to BP's recovery plan. Activist shareholders are urging BP to prepare for declining fossil fuel demand. Interim CEO Carol Howle said BP made progress on cash flow, shareholder returns, cost reduction, and asset sales. She added, “There is more work to be done, and we are clear on the urgency to deliver.” BP’s fourth-quarter earnings dropped 30% from the previous quarter to $1.54 billion but rose 32% compared to a year before. Investor groups criticize BP for moving away from green projects back to fossil fuels. Mark van Baal, founder of shareholder activist group Follow This, said, “BP is in dire straits because the company has drifted without a consistent strategic direction.” Last year, BP launched seven new oil and gas projects as part of its fossil fuel focus, with five completed ahead of schedule. By contrast, rival Shell reported a 22% fall in adjusted earnings but continued share buy-backs worth $3.5 billion, its 17th straight quarter above $3 billion.