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 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. The drop in profit to $8.9 billion follows weekend reports Elliott Investment Management has built a stake in the company,

UK supermajor BP saw its profit drop 60% in the fourth quarter of 2024, slightly missing analyst forecasts, as chief executive Murray Auchincloss promised the company strategy is ripe for a “fundamental reset”.

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.

The Feb. 26 strategy update has long been seen as a crucial test of Auchincloss’s vision for BP, even before Bloomberg reported that Elliott had built up a stake. After several years of falling further behind peers, investors want to see significant changes at the company.

BP plans to "fundamentally reset" its strategy and focus on improving shareholder returns, amid pressure from investors and disappointing financial results.

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.