The British oil company BP reported a staggering 86% decline in profits last year, primarily attributed to persistently low oil prices and substantial write-offs associated with its transition towards greener energy practices. The after-tax profit for the year was recorded at $55 million, which is approximately 525 million NOK at current exchange rates, starkly lower than the $381 million profit reported a year earlier.

This drastic downturn in profitability comes at a crucial time for BP, as Meg O'Neill is set to assume the role of CEO in April, marking a significant milestone as she will be the first woman to lead one of the world's largest oil companies. O'Neill's leadership will be closely watched as the industry grapples with mounting pressure to pivot towards more sustainable practices amid changing global energy dynamics.

The implications of this financial result are far-reaching, not only indicating challenges for BP but also reflecting the broader trends in the oil industry as companies navigate the uncertainties of pricing and the transition to greener technologies. As BP adapts to these challenges, O'Neill’s upcoming tenure may influence its full strategy amidst increasing calls for environmental accountability in the energy sector.