BP has put share buybacks on hold and upped its cost savings target as it revealed sharply lower annual profits after steep falls in the cost of crude.
The FTSE 100 oil giant reported a 16% fall in underlying replacement cost profits – the company’s preferred earnings measure – to 7.49 billion US dollars (£5.47 billion) for 2025, down from 8.92 billion dollars (£6.52 billion) in 2024.
