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 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.

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.