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.

BP will lay out a “fundamental reset of strategy and a new beginning” when it updates investors at the company's capital markets day on February 26, CEO Murray Auchincloss said.

Oil giant BP's profits dropped sharply last year with the firm saying it will "fundamentally reset" its strategy. It is widely expected to say later this month that it will scale back renewable projects following similar moves from rivals including Equinor.

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.