BP Plc CEO Murray Auchincloss insisted that the company’s “fundamental reset” has been in the works for a year, while refusing to comment on an analyst’s question about whether he’s had engagement with activist Elliott Investment Management.

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.

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

The chief executive officer says he’s met with shareholders constantly this past year, and the market will like oil major’s new direction.

BP CEO Murray Auchincloss pledged on Tuesday to fundamentally reset the company's strategy as it reported a 35% fall in annual profits, missing analysts' expectations.

BP CEO Murray Auchincloss announced plans to fundamentally revise BP's strategy after the company reported a 35% drop in annual profits. This decline intensifies pressure following Elliott Investment Management's stake acquisition.

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 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.