BP announced a significant drop in profits, from $13.4 billion in 2023 to $8.2 billion in 2024, attributed to pressure from activist investor Elliott Management. Murray Auchincloss, BP's CEO, revealed plans for a substantial overhaul of the company's strategy to enhance performance and cash flow. In the fourth quarter, BP reported a profit of $1.17 billion, falling short of analyst predictions of $1.26 billion, marking its lowest quarterly profit since 2020. Additionally, BP introduced a $1.75 billion share buyback program, with more details anticipated during a Capital Markets Update scheduled for February 26.