BP has reported a dramatic decline in profits, with fourth-quarter earnings falling to a four-year low, prompting the oil major to pledge a fundamental reset of its strategy. The CEO stated that the reset has been in the making for over a year, aiming to address pressures from activist investors, particularly Elliott Management. The company has faced a $5 billion plunge in net income due to its shift towards net zero, leading to a reevaluation of its focus on oil and gas. As BP acknowledges the need for a new direction, it plans to enhance shareholder returns while navigating declining margins and revenues.