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.

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.

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.