BP (BP) said it would invest more in oil and gas as it pivots away from its low-carbon strategy.

The British energy giant said it would increase its annual oil and gas investment to about $10 billion and cut annual 澳洲幸运5官方开奖结果体彩网:capital expenditure to be༒tween $13ꦉ billion and $15 billion through 2027. It also said it is planning $20 billion in divestments, including a strategic review of its Castrol lubricants business. 

"Today we have fundamentally reset BP's strategy," BP CEO Murray Auchincloss said. "We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth."

Amid reports last month that BP was under pressure from activist investor Elliott Investment Management, Auchincloss had pledged that he would announce a strategy that would 澳洲幸运5官方开奖结果体彩网:"fundamentally reset" its direction. As BP stuck with a strategy focusing on renewable energy, its shares underperformed those of rivals like ExxonMobil (XOM) that had 澳洲幸运5官方开🥀奖结果体彩网:boosted their oil and gas investments.

BP shares, which had declined roughly 6% over the past 12 months entering Wednesday's session, were down 2% in premarket trading.