BP's Share Buybacks Accelerate Despite 50% Profit Slide

Despite a significant drop in full-year profits due to lower oil prices, BP plans to accelerate its share buyback program and increase shareholder returns. The company reported a 50% decrease in full-year profit, but exceeded analyst expectations for fourth-quarter net profit. BP's CEO expressed confidence in the company's strategy and commitment to delivering long-term value for shareholders. The announcement comes amid pressure from activist investors over the company's strategy, including calls to ramp up oil and gas investments. BP has also undergone a leadership change and adjusted its climate plans, aiming for a 20% to 30% cut in emissions instead of its previous target of net zero by 2050.