BP shares fell about 1% in morning trading in London. Auchincloss is set to lay out further details of his plan to revive the energy giant at a presentation to investors later Wed

Supermajor sets out to please shareholders and stave off takeover threat as it drops iconic pledge to produce less oil by the end of the decade

Embattled oil major BP on Wednesday unveiled what it billed as a strategic reset, planning to increase oil and gas investment while reducing outlays for greener fuels.

BP plans to increase production of its more profitable oil and gas business and slash investment in cleaner energy, the British energy giant announced Wednesday to the dismay of environmentalists. BP will increase oil and gas investment to around $10 billion per year,

The fossil fuels giant said it would increase oil and gas investment by about 20% to £7.9 billion a year as part of a major strategy update.

BP has confirmed it will slash spending on net zero transition businesses by more than five billion US dollars (£3.95 billion) a year, and significantly ramp up its oil and gas operations. The fossil fuels giant said it is still targeting net zero operations but will only spend up to two billion dollars (£1.