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.

British oil major BP on Tuesday posted a sharp drop in fourth-quarter profit, pledging to "fundamentally" reset the embattled energy company's strategy.

The chief executive of BP has vowed to 'fundamentally reset' the group's strategy after its annual profits fell by more than a third last year.

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. The drop in profit to $8.9 billion follows weekend reports Elliott Investment Management has built a stake in the company,