Energy giant BP says it will "fundamentally reset" its strategy after its profits dipped sharply last year.
Announcing its Q4 and full year results for 2024 this morning, BP revealed its net income fell to $8.9billion (£7.2billion) in 2024, down from $13.8billion the previous year.
The firm said lower oil and gas prices, along with lower profits from its refineries, were reflected in the figures.
Later this month, BP is expected, the BBC reports, to announce the scaling back of its renewable projects and instead focus on increasing oil and gas production.
It comes after similar moved from rivals including Shell and Equinor.
Five years ago BP set a target of 50GW of renewables generation capacity by 2030, but this is expected to be dropped on February 26 as part of a major strategy change.
Murray Auchincloss, BP chief executive officer, said: "In 2024 we laid the foundations for growth.
"We have been reshaping our portfolio - sanctioning new major projects, and focusing our low-carbon investment - and we have made strong progress in reducing costs.
"Building on the actions taken in the last 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns.
"It will be a new direction for bp and we look forward to sharing it at our Capital Markets Update on February 26."