BP suspended its share repurchase program and redirected cash flow to shore up its finances after reporting a $3.4 billion fourth-quarter loss. The British energy giant’s results included $4.3 billion in write-offs from its gas and renewable energy divisions, compounding pressure from weaker oil prices and refinery maintenance disruptions.

Executives framed the move as part of a broader austerity push, including a $20 billion asset sale program and deeper cost cuts. The company raised its structural savings target to $5.5-6.5 billion by 2027 while trimming 2026 capital spending. Interim CEO Carol Howle called the buyback pause “decisive action” to prioritize balance sheet strength over shareholder returns.

Despite the loss, BP held its dividend steady at 8.32 cents per share. The firm reported record 96.1% operational reliability across its oil and gas facilities last year, while advancing seven major projects. Divestments have already generated $11 billion, including $6 billion from selling a majority stake in Castrol.