BP (BP) announced plans to "fundamentally reset" its strategy Tuesday as Elliott Investment Management reportedly has taken a "significant" stake in the British oil giant.

BP CEO Murray Auchincloss said the company plans to share a "new direction" during its Capital Markets Update on Feb. 26.

Elliott has taken 澳洲幸运5官方开奖结果体彩网:a "significant" stake in BP, Bloomberg reported over the weekend, as its shares have underperformed those of larger rivals ExxonMobil (XOM) and Shell (SHEL) after the company pivoted away from oil and gas in recent years to focus on low-carbon investments.

"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," Auchincloss said. 

BP Reported Q4 Underlyinಞg Profit Below Estimates

For the fourth quarter, BP booked an underlying replacement-cost (RC) profit of $1.17 b💟illion, below Visible Alpha consensus an🌳d down from $2.99 billion a year ago. 

BP shares, which were down roughly 5% over the past 12 months through Monday's close, edged lower in premarket trading.