BP has reported a drop in annual profits and increased its target for cost cutting as the oil giant was hit by the fall in crude prices last year.
It reported profits of $7.5bn (£5.5bn) in 2025, down from $8.9bn the year before, after the price of oil fell by about 20%.
BP also said it was suspending its share buyback programme and cutting spending as it seeks to strengthen its finances.
The company has recently switched strategy away from investment in renewable energy projects to refocus on oil and gas operations, and new boss Meg O'Neill, who takes up her position in April, is expected to continue this trend.
O'Neill, formerly head of Australian oil and gas firm Woodside Energy, will be the the first woman to run a major global oil firm.
