Five years ago, BP set some of the most ambitious targets among large oil companies to cut production of oil and gas by 40% by 2030, while significantly ramping up investment in renewables.

In 2023, the company lowered this oil and gas reduction target to 25%.

It is now expected to abandon it altogether while confirming it is cutting investments in renewable energy by more than half in what chief executive Murray Auchincloss called a “fundamental reset”.

Mr Auchincloss is under pressure to boost profits from some shareholders including the influential activist group Elliot Management, which took a near £4bn stake in the £70bn company to push for more investment in oil and gas.

In 2024, BP’s net income fell to $8.9bn (£7.2bn), down from $13.8bn the previous year.

Since 2020 when former chief executive Bernard Looney first unveiled his strategy, shareholders have received total returns including dividends of 36% over the last five years. In contrast, shareholders in rivals Shell and Exxon have seen returns of 82% and 160% respectively.

BP’s under performance has prompted speculation that it may be a takeover target or may consider moving its main stock market listing to the US where oil and gas companies command higher valuations.

Not all shareholders want the company to change course so radically.

Last week, a group of 48 investors called on the company to allow them a vote on any potential plans to move away from its previous commitments to renewables.

A spokesperson for one of the signatories, Royal London Asset Management, said: “As long-term shareholders, we recognise BP’s past efforts toward energy transition but remain concerned about the company’s continued investment in fossil fuel expansion.”