BP reported quarterly profit of $1.17 billion on Tuesday, weaker than expected and the lowest in four years, while the company promised to reset its strategy, after news broke at the weekend that investor Elliott Management had built up a stake.

BP Plc (BP) stock fell 0.9% in premarket trade on Tuesday after the oil major’s fourth-quarter earnings missed analyst estimates. The London-based company’s underlying replacement cost profit fell to $1.

BP has pledged to “fundamentally reset” its strategy and improve its performance as the struggling oil major reported a steep drop in profits for the final quarter of last year. On Tuesday, the group reported underlying profits of $1.

BP CEO Murray Auchincloss pledged on Tuesday to fundamentally reset the company's strategy as it reported a 35% fall in annual profits, missing analysts' expectations.

British oil major BP on Tuesday posted a sharp drop in fourth-quarter profit, pledging to "fundamentally" reset the embattled energy company's strategy.

The chief executive of BP has vowed to 'fundamentally reset' the group's strategy after its annual profits fell by more than a third last year.