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.

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.

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