BP reported quarterly profit of $1.17 billion on Tuesday, weaker than expected and the lowest in four years, while the company promised to reset its strategy, after news broke at the weekend that investor Elliott Management had built up a stake.

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.

BP has pledged to “fundamentally reset” its strategy and improve its performance as the struggling oil major reported a steep drop in profits for the final quarter of last year. On Tuesday, the group reported underlying profits of $1.