BP has vowed to “fundamentally reset” its strategy after a plunge in profits and pressure from a New York activist investor. Profits at the company fell from $13.4bn (£10.9bn) in 2023 to $8.2bn last year amid growing concerns over the business’s attempts to switch away from oil and gas towards green energy projects.

British oil major BP on Tuesday posted a sharp drop in fourth-quarter profit, pledging to "fundamentally" reset the embattled energy company's strategy.

BP’s boss has pledged to “fundamentally reset” the firm’s strategy as annual profits slumped by more than a third and the oil giant faces pressure from an activist investor.

BP’s boss has pledged to “fundamentally reset” the firm’s strategy, as annual profits slumped by more than a third and the oil giant faces pressure from an activist investor. The FTSE 100 firm reported a 36% drop in underlying replacement cost profits - the company’s preferred earnings measure - to £7.22bn in 2024, from £11.21bn in 2023.

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. The group on Tuesday reported underlying profits of $1.