BP CEO Murray Auchincloss has said the company is “reshaping our portfolio” as the giant seeks to create more profit following lacklustre performance.

Exactly what this means is yet to be revealed, but Auchincloss’s comments on its full year and 4Q 2024 financial results include phrases such as “focusing our low-carbon investment” and fundamentally reset our strategy.”

These have been wide interpreted as meaning that BP will slow down its green investments and recentre efforts on oil extraction as have other oil majors Shell and Equinor.

To some extent the recent news that it was creating a joint venture with Japanese company Jera for its offshore wind business was a precursor to the way in which the company may split off its green projects.

The moves come as BP faces activist shareholders pressing for greater returns, and by that they mean more oil.

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