BP has announced a "fundamental reset" of its strategy, post sharp profit declines due to weaker refining margins and increased operational costs. Their net income fell to $8.9bn in 2024, prompting a shift from a renewable focus to boosting fossil fuel production. Under pressure from activist investor Elliott Management, BP is expected to abandon its ambitious renewable energy targets set five years ago. The company aims to implement cost-saving measures and involves potential job cuts as it seeks to increase profitability. Executive leadership anticipates unveiling a new strategic direction at an upcoming investor day.