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.

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

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.