The energy giant was vague on details, but analysts say the changes is likely to include less spending on renewable sources and a bigger investment in oil and natural gas production.

BP said profit fell more than expected and that it would reset its strategy, days after reports that activist hedge fund Elliott Management is pushing for change at the company.

BP chief Murray Auchincloss says the restructuring will ‘be a new direction for BP’ - Amr Alfiky/Reuters. BP has halted all investment into renewable energy as part of a “fu

BP Chief Executive Murray Auchincloss promised a "reset" for the company, including dialing back climate commitments, on Tuesday after a dip in annual profits and a threat from an influential activist investor.

BP has pledged to “fundamentally reset” its strategy and improve its performance as the struggling oil major reported a steep drop in profits for the final quarter of last year. On Tuesday, the group reported underlying profits of $1.

Hi, it’s Dinesh Nair, Aaron Kirchfeld and Swetha Gopinath in London, following up on our weekend exclusive that activist investor Elliott has built a stake in oil major BP. Elsewhere, TD Bank sells out of Charles Schwab and Hyatt Hotels expands its portfolio of all-inclusive resorts.