BP Plc CEO Murray Auchincloss insisted that the company’s “fundamental reset” has been in the works for a year, while refusing to comment on an analyst’s question about whether he’s had engagement with activist Elliott Investment Management.

UK supermajor BP saw its profit drop 60% in the fourth quarter of 2024, slightly missing analyst forecasts, as chief executive Murray Auchincloss promised the company strategy is ripe for a “fundamental reset”.

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.