Burning up Will reset be enough to please its investors?

What is BP's new strategy?

- Jillian Ambrose

This is the first comprehensive reset of BP's plans since 2020. In simple terms, the company plans to focus on the areas of its business that make the most money.

This means increasing investment in its oil and gas business to just over $10bn (£7.9bn) a year, of which 70% will be invested in oil and 30% will go to gas. It hopes this will lead to at least 10 major oil and gas projects by 2027, and another eight by 2030.

At the same time it will slash $5bn from spending plans for low- carbon energy and retail service stations. It has already spun off its offshore wind interests to create a 50-50 joint-venture with the Japanese power generator Jera, and plans to sell off a stake in solar farm developer Lightsource BP too. Low carbon energy will make up less than 5% of its annual investment, versus about 75% on oil and gas extraction. It had previously planned to put more than 20% of its capital spending into low carbon.

Murray Auchincloss, BP's CEO call the plan "very cool".

How does this compare with its previous plan?