BP Plc CEO Murray Auchincloss insisted that the company’s “fundamental reset” has been in the works for a year, while refusing to comment on an analyst’s question about whether he’s had engagement with activist Elliott Investment Management.

The energy giant was vague on details, but analysts say the changes is likely to include less spending on renewable sources and a bigger investment in oil and natural gas production.

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