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.

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 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.