Those include activist hedge fund Elliott Management, which recently took a stake in BP with a view to pushing for significant changes.“It’s a radical shift,” Chief Executive Murray Auchincloss said in an interview.

The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.

BP slashed planned investment in renewable energy and said on Wednesday it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and investor confidence.