The oil and gas giant is expected to reverse course on renewable energy commitment due to decreased profits and a shifting political climate.

Several BP Plc shareholders said they welcome activist Elliott Investment Management taking a stake in the British oil major because the company needs to make meaningful changes.

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.

British oil giant BP (BP) pledged to “fundamentally reset” its strategy as profits in its Fiscal fourth quarter slid to a four-year low,

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

The chief executive of BP has vowed to 'fundamentally reset' the group's strategy after its annual profits fell by more than a third last year.

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 8.