BP Chief Executive Murray Auchincloss promised a "reset" for the company, including dialing back climate commitments, on Tuesday after a dip in annual profits and a threat from an influential activist investor.

The chief executive officer says he’s met with shareholders constantly this past year, and the market will like oil major’s new direction.

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.