BP is to “fundamentally reset” its strategy, according to chief executive Murray Auchincloss (pictured).
The oil major aims to “drive further improvements in performance all in the service of growing cash flow and returns”, he said on the release of fourth quarter 2024 results.
“It will be a new direction for BP and we look forward to sharing it at our Capital Markets Update on 26 February.”
The company has been under growing pressure from shareholders concerned over the company’s push into renewables where returns are perceived as lower.
BP’s share price has lagged behind rivals for the past year and reports suggest activist investor Elliott Management has built a stake in the company.
Last year, the oil major struck a partnership with JERA Nex to shift its offshore wind portfolio to a new unit, which BP said today amounts to “divesting non-core assets”.
On Tuesday, the group reported underlying profits of $1.17bn in the period, compared to the $2.99bn it made in the final three months of 2023.